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Financial Sector Development Implementation Plan FIRST Initiative

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Financial Sector Development Implementation Plan FIRST Initiative Liberia Financial Sector Development Implementation Plan FIRST Initiative ACKNOWLEDGEMENTS The Financial Sector Development Implementation Plan (FSDIP) was produced by the Central Bank of Liberia (CBL) with technical assistance of the World Bank Group and financial support from the Financial Institutions Reform and Strengthening (FIRST) Trust Fund Initiative. This report has benefited extensively from inputs derived from reports prepared by various World Bank, International Monetary Fund (IMF), United Nations Development Program (UNDP), and United States Agency for International Development (USAID) missions to Liberia over the last year. In preparation of this report, the task team met senior officials at the CBL and government ministries including the Ministry of Finance and Development Planning, the Ministry of Commerce and Industry, the Ministry of Justice; top management officials from commercial banks, insurance firms, venture capital firms; management of private sector firms ranging from micro enterprises to the largest corporate firms in the country; representatives of microfinance companies, women’s, and professional associations; and other development partners. The CBL provided strategic direction for the FSDIP with input and guidance from government ministries and the private and social sectors. A Financial Sector Steering Committee (FSCC) composed of ex officio senior officials of the institutions listed below identified the key elements of the FSDIP described in the Roadmap for Reforms and will monitor its implementation. CBL Ministry of Finance and Development Planning Ministry of Commerce and Industry National Social Security and Welfare Corporation (NASSCORP) Liberian Bankers Association (LBA) Liberia Business Association The World Bank Group would like to thank all the government authorities and officials for the assistance, cooperation and logistical support provided, as well as the time generously donated by representatives of the private sector consulted as part of this work. We would also like to recognize and thank Julian Casal (GFMDR), Errol Graham (GMFDR), Thomas Lammer (GFMDR), Harish Natarajan (GFMDR), Marlon Rawlins (GFMFS), Valeria Salomao (GFMDR), Emiko Todoroki (GFMFS), and Cari Votava (GFMDR) for their valuable insights and comments to this plan. PREFACE The Government of Liberia (GOL) requested assistance in developing a coordinated, prioritized, and well- sequenced roadmap for financial sector reform. Through funding provided by the FIRST Initiative, a World Bank team from the Finance and Markets Global Practice visited Monrovia to work on the Liberia FSDIP. The first mission to Monrovia was from July 28 to August 4, 2014.1 The mission was intended to be a few days longer but was cut short due to the outbreak of the Ebola virus. A follow-up mission from January 13 to 23, 2015 was conducted, in coordination with the World Bank Ebola Economic Recovery Trust Fund activities, to make a preliminary assessment of the impact of the Ebola crisis on the financial sector and to seek to integrate activities related to the Ebola response to the FSDIP. The next mission, which took place July 20 to 31, 2015, included a meeting of the FSCC comprising representatives of all relevant public and private stakeholders.2 An internal Quality at Entry Review took place on September 29, 2015, and many useful comments were received and incorporated. The last mission to Monrovia was from November 2 to 6, 2015, and in addition to the FSCC meeting, a successful stakeholder consultation took place with attendees from every financial institution and other major stakeholders.3 1 The mission was comprised of Juan Costain (Lead Financial Sector Specialist and Task Team Leader, GFMDR), Sau Ngan Wong (Senior Counsel, GFMDR), Gary Fine (Senior Private Sector Development Specialist, GTCDR), Keith Jefferis (Consultant, Financial Economist) and Peter Hayward (Consultant, Banking Supervision Expert). Collista Harris provided support for the mission in Monrovia and Tim Bulman, Senior Economist, GFMDR, joined the mission for some meetings and contributed to the findings. 2 This mission was composed of Juan Costain (Lead Financial Sector Specialist and Task Team Leader, GFMDR) and Henry N. Schiffman (Consultant, Financial Sector Policy and Legal Expert) and was assisted on matters related to mobile payments and mobile banking by Thomas Gibb, Field Lead, U.S. Global Development Lab, USAID Liberia and Michael Catalano, Senior Advisor – ICT and Digital Financial Services, U.S. Global Development Lab, USAID. Patrick Heittinger, (Economist), African Development Bank, participated in the kick off meetings. 3 Over 70 participants attended the stakeholder consultation, including the Acting Minister of Finance. Contents ABBREVIATIONS ...................................................................................................................................... 1 EXECUTIVE SUMMARY AND RECOMMENDATIONS ........................................................................ i Banking Sector .................................................................................................................................. i Insurance .......................................................................................................................................... ii Banking and Insurance Sector Supervision and Regulation ........................................................... iii Credit Information Systems ............................................................................................................ iii Payment Systems and Digital Financial Services ........................................................................... iv Social Security (NASSCORP) ......................................................................................................... v Financial Inclusion and Microfinance............................................................................................. vi Enterprise Access to Finance ......................................................................................................... vii Anti-Money Laundering/Countering Financing of Terrorism ....................................................... vii Laws and Regulations ................................................................................................................... viii INTRODUCTION ........................................................................................................................................ 1 The Vision for the Financial Sector ................................................................................................. 1 Financial Sector Reform Objectives ................................................................................................ 1 The Objectives of the FSDIP ........................................................................................................... 2 RECENT ECONOMIC AND FINANCIAL DEVELOPMENTS ................................................................ 3 MACROECONOMIC BACKGROUND ..................................................................................................... 4 OVERVIEW OF THE FINANCIAL SECTOR ............................................................................................ 5 THE BANKING SECTOR ........................................................................................................................... 7 Money Supply .................................................................................................................................. 8 Banking Market Composition .......................................................................................................... 9 Bank Credit to Sectors ................................................................................................................... 11 Interest Rates .................................................................................................................................. 12 Banking Sector Performance ......................................................................................................... 13 Asset Quality .................................................................................................................................. 17 Liquidity ......................................................................................................................................... 19 Money Markets .............................................................................................................................. 20 Impact of the Dual Currency Regime on Banking ......................................................................... 21 Foreign Exchange Bureaus ............................................................................................................ 22 Training of Bankers ....................................................................................................................... 22 THE INSURANCE SECTOR ..................................................................................................................... 23 BANKING AND INSURANCE SUPERVISION ...................................................................................... 24 RSD Strategic Plan ........................................................................................................................ 25 Reform of Bank Supervision Activities ......................................................................................... 25 Insurance Supervision and Regulation
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