CBL Governor Saamoi Welcomes First Atlantic Bank Liberia Limited
Monrovia – The Central Bank of Liberia (CBL) has granted a commercial banking license to First Atlantic Bank Liberia Limited (FABLL), increasing the number of operating commercial banks in Liberia to ten and marking another significant milestone in the continued development and strengthening of the country’s financial sector, said a CBL press release.
Executive Governor Henry F. Saamoi hailed the opening as “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.”
The Governor noted that the establishment of FABLL reflects growing investor confidence in Liberia’s banking system and demonstrates increasing optimism about the country’s economic future. He emphasized that the new bank must uphold the highest standards of governance, compliance, and ethical banking while extending services to underserved communities, women, youth, farmers, and small businesses.
Expanding Financial Inclusion
Governor Saamoi underscored the importance of financial inclusion as central to Liberia’s national development agenda, the Arrest Agenda for Inclusive Development (AAID). He called on FABLL to champion tailored products for women entrepreneurs, accessible financing for small businesses, and targeted financial education initiatives. “Empowering women financially is not only a matter of equity—it is an economic imperative,” he said, stressing that when women succeed, families prosper and national economies become more resilient.
Youth and Innovation
The Governor also highlighted the role of Liberia’s youthful population in shaping the country’s future. He encouraged FABLL to support educational advancement, financial literacy, and entrepreneurship, while embracing financial technology (fintech) as a driver of innovation. Partnerships with schools, universities, and vocational institutions, he said, can prepare the next generation of Liberian professionals and innovators for success in a competitive global economy.
Modernizing the Financial System
CBL is advancing reforms to modernize Liberia’s financial sector. These include the Instant and Inclusive Payment System (IIPS), which will integrate commercial banks into a national digital payments platform; an upgraded Collateral Registry that now covers both movable and immovable property; and the development of a modern Credit Reference System to provide real‑time credit information and scoring. These initiatives are expected to expand access to affordable medium‑ and long‑term finance, supporting entrepreneurship and private sector growth.
Ethical Banking and Stability
Governor Saamoi stressed that public trust is the most valuable asset for any financial institution. He urged FABLL to foster a culture of ethics and compliance that goes beyond regulatory compliance, noting that integrity, transparency, and accountability are indispensable to safeguarding financial stability and protecting consumers.
Addressing Sector Challenges
While acknowledging the progress achieved within the banking sector, Governor Saamoi stated that challenges remain, particularly concerning the high levels of non‑performing loans (NPLs). To address these issues, he announced that CBL will convene a national conference in September bringing tother financial institutions, policymakers, development partners, and other stakeholders to identify practical and sustainable solutions aimed at strengthening credit quality and supporting responsible lending.
Commitment to Development
Concluding his remarks, Governor Saamoi reaffirmed CBL’s unwavering commitment to maintaining macroeconomic stability and price stability while promoting financial inclusion and economic development. He congratulated FABLL’s shareholders, board, management, and staff, expressing confidence that the bank will make meaningful contributions to Liberia’s economic transformation.
“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”, Governor Saamoi concluded. “Together, we can build a financial sector that is inclusive, innovative, resilient and capable of driving shared prosperity for all Liberians.”