-As LIBTELCO Introduces Financial Super Data for Banks, others
The days when hundreds of customers of Liberian commercial banks leave banking halls frustrated only because the internet “system is down” will now become a thing of the past, the President of the Liberian Bankers Association and head of LBDI bank, John Davis assured the Liberian public on Tuesday.
Mr. Davis was speaking when an agreement was signed in Monrovia to add what the Liberia Telecommunications Corporation (LIBTELCO) called a “workable and reliable financial super data highway” for banks and other financial institutions.
As technology advances globally, the Liberia Telecommunications Corporation (LIBTELCO) has introduced and signed an agreement with the Central Bank of Liberia, commercial banks and other institutions that are using a digital platform to carry on financial transactions daily in Liberia.
LIBTELCO is the national operator of voice and internet/data services in Liberia that has improved its services by means of fiber optic cables broadband internet connectivity; which is internationally accepted.
Even though the corporation is expanding its network and infrastructure in Monrovia and other parts of Liberia, it has added another workable and reliable service-financial super data highway for banks and other financial institutions that are involved into daily financial and mobile money transactions.
FISSDAH, a digital financial program that has the ability to work effectively and reliably during wet and dry seasons, so as to make banking and mobile money transactions easy; could add extra value to Liberia’s telecommunications sector, like how school connect, an internet educational service program is making research simple for high schools, universities and other learning institutions in Liberia.
However, speaking during the signing ceremony at the headquarters of the Central Bank of Liberia on Monday, June 25, 2019, LIBTELCO’s Managing Director, Richmond Nagbe Tobii, said the signing of that agreement-memorandum of understanding (MOU) is a clear indication that Liberia is gradually preparing and focusing on digital economy; which has the ability to meaningfully impact Liberia’s struggling economy that needs robust recovery.
According to him, the involvement of the Liberia Revenue Authority, Ministry of Finance and Development Planning, Central Bank of Liberia, commercial banks and others, sent a positive message to everybody that Liberia is emulating globally accepted digital policy; which is workable and result-oriented, in making a tremendous impact beyond words.
He also mentioned that the MOU which has been signed looks at the Financial Super Data Highway, a digital policy that has the ability to interconnect all banks and financial institutions’ central/head offices and branches to LIBTELCO’s fiber optic ring/ backbone by means of the construction of a dark fiber optic network.
The LIBTELCO’ boss further explained that the project, when finished, will advance financial and mobile money transactions between banks and other financial institutions.
“This new digital service has the power to reduce the much talked about saying: system down in various banks and other financial institutions in Liberia,” Mr. Tobii pointed out.
He noted that everybody can encash any check automatically on any bank or financial entity counter without much delay.
Meanwhile, six of the nine banks that attended the signing ceremony have been connected on LIBTELCO’s fiber network.