Is Liberia becoming a Cashless Society?

Liberia might be lagging behind its counterparts in the sub region and the African continent regarding the move to digital economy or digital financial transitions, but there are signs that the transition could be made sooner than later if the government can work on a few policy issues and adapt a robust regulatory framework, a new research has said.

The findings of the research, which was conducted by the Center for Policy Action and Research (CePAR) recently, revealed that there are high possibilities that the country can move to a cashless economy with most, if not all monetary activities being done via digital financial service platforms such as Mobile Money, TipMe and other mediums.

Digital Financial Services (DFS) products usage is growing in Liberia, the findings say, and this is in keeping with a similar trend observed within the Sub-Saharan Africa (SSA) region. More women tend to be going digital than men with 55% of women having mobile money accounts, while men account for 45%. And most of these women are entrepreneurs.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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