CBL Licenses First Atlantic Bank, Expanding Liberia’s Commercial Banking Sector to 10

MONROVIA – The Central Bank of Liberia (CBL) has licensed First Atlantic Bank Liberia Limited (FABLL) to operate as a commercial bank, increasing the number of commercial banks in the country to ten in what authorities describe as another milestone in the modernization and expansion of Liberia’s financial sector.

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By Gerald C. Koinyeneh

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Announcing the decision, CBL Executive Governor Henry F. Saamoi said the arrival of First Atlantic Bank reflects growing investor confidence in Liberia’s banking industry and the country’s broader economic prospects.

“This is a significant milestone in the continued development of Liberia’s financial sector and a clear demonstration of confidence in our economy, our people, and our future,” Governor Saamoi said.

He challenged the new bank to uphold high standards of corporate governance, regulatory compliance, and ethical banking while expanding access to financial services for underserved communities, women, youth, farmers, and small and medium-sized enterprises.

Focus on Financial Inclusion

Governor Saamoi said financial inclusion remains central to the government’s ARREST Agenda for Inclusive Development (AAID), urging the bank to introduce products tailored to women entrepreneurs, improve access to financing for small businesses, and invest in financial literacy programs.

“Empowering women financially is not only a matter of equity—it is an economic imperative,” he said, noting that stronger participation of women in the economy contributes to more resilient families and national growth.

Banking on Youth and Technology

The CBL Governor also encouraged the bank to capitalize on Liberia’s youthful population by supporting education, entrepreneurship, and financial literacy initiatives.

He called for stronger partnerships with schools, universities, and vocational institutions while embracing financial technology (fintech) to expand digital banking services and improve customer access.

CBL Accelerates Financial Reforms

Saamoi outlined several ongoing reforms aimed at modernizing Liberia’s financial system, including the rollout of the Instant and Inclusive Payment System (IIPS), which will connect commercial banks to a national digital payments platform.

He said the Central Bank has also upgraded the country’s Collateral Registry to include both movable and immovable assets and is developing a modern Credit Reference System to improve credit information, facilitate responsible lending, and expand access to medium- and long-term financing.

According to the Governor, the reforms are expected to stimulate entrepreneurship, strengthen the private sector, and improve access to affordable credit.

Tackling Non-Performing Loans

Despite progress in the banking sector, Saamoi acknowledged that high levels of non-performing loans (NPLs) continue to pose a challenge.

To address the issue, he announced that the Central Bank will host a national conference in September, bringing together financial institutions, policymakers, development partners, and other stakeholders to develop practical solutions for improving credit quality and strengthening responsible lending practices.

Ethical Banking Key to Public Trust

The Governor stressed that public confidence remains the banking sector’s greatest asset, urging First Atlantic Bank to prioritize integrity, transparency, accountability, and consumer protection.

He said ethical banking practices should go beyond meeting regulatory requirements and become part of the institution’s corporate culture.

Congratulating the bank’s shareholders, board, management, and staff, Saamoi reaffirmed the Central Bank’s commitment to maintaining macroeconomic and price stability while promoting financial inclusion and sustainable economic growth.

“The success of First Atlantic Bank Liberia Limited will not be measured solely by its financial performance but by the positive impact it creates in the lives of Liberians, the opportunities it generates for businesses, and its contribution to the nation’s development aspirations,” he said. “Together, we can build a financial sector that is inclusive, innovative, resilient, and capable of driving shared prosperity for all Liberians.”