CBL bars Cititrust from accepting new deposits and issuing loans, freezes asset disposal without regulatory approval as customers raise concerns over withdrawals
By Gerald C. Koinyeneh
MONROVIA — The Central Bank of Liberia (CBL) has imposed sweeping supervisory restrictions on Cititrust Savings and Loans Liberia Limited and TipMe Liberia Limited following concerns about their financial conditions, governance structures and internal controls.
The restrictions come amid growing concerns over Cititrust’s ability to meet customers’ withdrawal requests, raising anxiety among depositors and users of the financial services provider.
In a statement issued Saturday, November 7, 2026, the CBL disclosed that it had identified significant weaknesses at Cititrust through its supervisory activities, prompting the deployment of resident supervisors and the placement of the institution under enhanced regulatory oversight.
The Bank said it had also restricted Cititrust from accepting new deposits and granting new loans. Additionally, the institution has been directed not to dispose of any assets without prior written approval from the CBL.
The measures, according to the regulator, are intended to protect depositors, preserve the institution’s assets and maintain accurate financial records while an investigation into its operations continues.
TipMe Liberia Limited, a licensed payment service provider linked to Cititrust through common ownership, has also been placed under supervisory restrictions following similar concerns identified by the CBL.
The Central Bank has commissioned an independent forensic and special investigation into both institutions to establish their financial conditions, assess their compliance with applicable laws and regulations, and determine the appropriate regulatory response.
The CBL said any violations or regulatory breaches uncovered during the investigation would be addressed through supervisory, administrative, civil or other legal measures available under Liberian law.
The regulator further disclosed that the owners and management of both institutions had been instructed to implement corrective measures, including providing additional capital and liquidity support.
However, the CBL said the measures taken so far have not been satisfactory or sufficient to address the concerns identified.
“To date, these measures have not been implemented in a manner satisfactory to the CBL and sufficient to address the supervisory concerns identified,” the statement said.
The Bank emphasized that the restrictions should not be interpreted as a final determination of Cititrust’s financial condition or the outcome of any regulatory proceedings, noting that the investigation and supervisory review remain ongoing.
The actions are being undertaken under the New Financial Institutions Act of 1999, the National Payment Systems Act of 2014 and other applicable laws and regulations.
Depositors Urged to Submit Complaints
Acknowledging the concerns of customers who may be affected, the CBL said it would announce official channels through which customers of Cititrust and TipMe could submit information regarding their accounts, transactions and other dealings with the institutions.
The Bank said the information would help investigators develop a comprehensive understanding of the situation and support the ongoing supervisory review.
However, it cautioned that submitting information should not be interpreted as confirmation of entitlement, validation of any claim or a guarantee of repayment.
The CBL also urged customers and members of the public to rely exclusively on official communications from the Bank and exercise caution regarding unverified information circulating on social media and other unofficial platforms.
The regulator appealed to affected depositors to remain calm and pursue their concerns through lawful channels, warning against actions that could endanger public safety, disrupt legitimate business operations, damage property or compromise records and evidence relevant to the investigation.
CBL Seeks to Reassure Public Over Financial Stability
Amid concerns that the developments could trigger broader anxiety within Liberia’s financial sector, the Central Bank sought to distinguish the situation at Cititrust and TipMe from the overall condition of the country’s financial system.
It stressed that the supervisory concerns under review were specific to the two institutions and should not be interpreted as an indication of instability across the wider financial sector.
According to the CBL, licensed banks, non-bank financial institutions and payment service providers continue to operate normally under regulatory oversight and prudential supervision.
The Bank said it would continue monitoring developments and remained prepared to take necessary measures to protect consumers, preserve financial stability and maintain public confidence in the country’s financial system.
The statement was signed by CBL Executive Governor Henry F. Saamoi, who reiterated the institution’s commitment to protecting consumers and ensuring that all supervisory and enforcement actions are conducted in accordance with applicable laws and due process.
For now, the immediate concerns remain the financial condition of Cititrust and TipMe, the extent of potential customer exposure and what the independent investigation will establish about the institutions’ operations and ability to meet their obligations.
The CBL has not announced a timeline for completing the investigation or provided details about the total value of deposits or customer funds potentially affected.
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