Regulatory Alerts2024-10-28
Added · Updated
Amended Regulations Concerning Agent Banking in Liberia
The Central Bank of Liberia has issued amended regulations establishing a comprehensive framework for agent banking, defining the roles, eligibility, and operational requirements for both super-agents and basic agents. Financial institutions must secure a two-phase CBL approval process, implement real-time transaction processing, adhere to specified daily cash limits (up to US$1,000 per customer for basic agents), and ensure strict AML/CFT compliance through standardized agency contracts. These rules enhance financial inclusion by enabling licensed banks and microfinance institutions to outsource core services to vetted third-party entities while retaining full regulatory responsibility for agent performance and customer protection.