Liberia: Governor Tarlue to Make Banking Sector Go Fully Digital in Two Years

MONROVIA – Mr. J. Aloysius Tarlue Executive Central Bank of Liberia (CBL) designate and his deputy Dr. Musa Dukuly Deputy Governor for Economic Policy-designate Thursday, July 8, 2021 faced the Senate Committee on Banking and Currency to justify why he should be maintained to that position for the second time.

Governor Tarlue and Dukuly were recently re-nominated by President George Weah after he ended the tenure of former governor Nathaniel Patray who resigned before ending his tenure. At his confirmation, he announced that the CBL is working on a two-year plan to build a mobile wallet retail system for the country.

“In the next two years we are going to build a retail system which will accept mobile wallet across network. Which means if you are using MTN you will be able to transfer money to someone using orange network. People will also be able transfer money from their Eco-Bank Account to mobile money users.

“We want to be less reliant on cash and more reliant on the digital space. I have discussed this with the African Development Bank, the UNDP and other partners and they have all agreed that they will do it so we have a commitment.

“I want to make sure that our economy is not a currency base economy not surely bas on money. We want to ensure that people pay their feels and bills just from their phones. Other countries in Africa are doing it we can do it as well.”

He also informed the Committee members about commitment made by Liberia’s partners to fund the program that would make Liberia more reliant on the digital space and less reliant on cash. In response to concerns about politicizing the CBL, he promised to maintain professionalism in the CBL.

He also vowed to ensure that the new denomination of banknotes that is expected will go through commercial banks which will enable a proper tracking system to avoid reoccurrence of what happened with the previous US$25 million used by Finance Minister Samuel Tweah which raised lot of concerns about the transparent manner it was disbursed.

Before coming to CBL, Governor Tarlue was Chairman of the Board of Commissioners of the Liberia Electricity Regulatory Commission (LERC). 

He returned to Liberia in September 2018 accepting the call to service from President Weah, who appointed Tarlue to a four-year term as LERC Chairman. The Liberia Electricity Regulatory Commission is a nascent institution responsible for regulating the electricity sector in Liberia by determining the legal and regulatory framework for generation, transmission, distribution, trading, import & export, and sales of electricity within Liberia. 

 Executive Governor Tarlue was born in Liberia but has spent much of his academic and professional career in the United States since graduating from Monrovia’s American Cooperative School in 1983.

 He is a risk and compliance management expert who has served with four banking and investment institutions.  From 2013 to 2018 he was the Compliance Officer for J.P. Morgan Chase’s Know Your Customer (KYC) and Anti-Money Laundering Regulations (AML) Team.  He served in similar roles with BNY Mellon NA (2008-13), Deutsche Bank (2007-08), Merrill Lynch and HSBC Bank NA (2004-07). 

 Chairman Tarlue received a Master’s in Public Administration in Public Policy Analysis from Kean University (2001) and Bachelor of Arts in History and Political Science from King University

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