CBL Restricts Cititrust, TipMe Liberia: Halts New Business, Orders Probe

• The Central Bank of Liberia has barred Cititrust Savings and Loans Liberia Limited from new deposits and loans, and restricted its asset transfers.
• Restrictions were also placed on TipMe Liberia Limited, a payment company under the same ownership, due to similar supervisory concerns.
• The CBL acted after owners failed to inject capital and amid doubts about Cititrust's ability to meet customer withdrawal requests.
• An independent forensic investigation has been commissioned into both companies to assess their financial condition and legal compliance.
• The CBL explicitly stated there is no guarantee of repayment for depositors, and urged lawful conduct from affected customers.

It is crucial to note that the act of submitting such information will not be construed as confirming entitlement, validating any claim, or guaranteeing repayment.

The Central Bank of Liberia (CBL) has recently imposed significant restrictions on Cititrust Savings and Loans Liberia Limited, prohibiting the institution from accepting new deposits or issuing new loans. Concurrently, the CBL has also placed limitations on TipMe Liberia Limited, a payment company operating under the same ownership structure as Cititrust. These actions, announced on November 9, 2026, stem from serious concerns regarding Cititrust's capacity to fulfill customer withdrawal requests.

Beyond halting new business, Cititrust is now barred from selling or transferring any of its assets without explicit written authorization from the Central Bank. The CBL's Executive Governor, Henry F. Saamoi, confirmed in a statement dated Saturday that previous directives for the owners and management of both entities to inject additional capital and liquidity had not been met to a satisfactory degree, failing to address the identified supervisory issues.

Supervisors from the Central Bank of Liberia had identified "significant concerns" pertaining to Cititrust's financial health, its governance structures, and internal control mechanisms. In response, Cititrust Savings and Loans Liberia Limited was placed under enhanced supervision, with resident supervisors deployed to monitor its daily operations, though the commencement date of this oversight was not specified. The CBL also noted "similar supervisory concerns" at TipMe Liberia, a licensed payment service provider, leading to the imposition of "appropriate supervisory restrictions," the specifics of which were not publicly disclosed.

To further assess the situation, the CBL has initiated an independent forensic and special investigation into both Cititrust and TipMe. This comprehensive inquiry aims to ascertain their precise financial condition, verify adherence to legal requirements, and ultimately determine the appropriate regulatory actions. Any breaches of law uncovered during this process will be addressed through a range of measures, including supervisory, administrative, civil, or other legal avenues, though the investigator's identity and a timeline for the probe remain unannounced.

The Central Bank of Liberia asserts that these restrictions are precautionary measures, implemented under the authority granted by the New Financial Institutions Act of 1999 and the National Payment Systems Act of 2014. The CBL emphasized that these interventions should not be interpreted as a final judgment on the institutions' financial standing or the ultimate outcome of any regulatory proceedings. However, a critical point for the public is the explicit lack of assurance regarding the repayment of depositors' funds.

Customers with concerns about their accounts or dealings with either Cititrust Savings Loans Liberia or TipMe Liberia payment services are advised that official channels for submitting information will be announced by the CBL. It is crucial to note that the act of submitting such information will not be construed as confirming entitlement, validating any claim, or guaranteeing repayment. The central bank did not disclose the number of affected depositors, the total amount of deposits held by Cititrust, or the specific sum of withdrawals it has been unable to process.

In light of these developments concerning Cititrust and TipMe Liberia, the Central Bank of Liberia has sought to reassure the public about the broader financial landscape. The CBL stated that the issues are isolated to these two entities, confirming that other licensed banks, nonbank financial institutions, and payment service providers within Liberia continue to operate without disruption.

The Central Bank also issued a strong caution to depositors, urging them to pursue their concerns through legitimate and lawful channels. It specifically advised against any actions that could jeopardize public safety, interfere with legitimate business operations, cause property damage, or compromise vital records and evidence pertinent to the ongoing investigations.

Lawyers representing clients with deposits or dealings with Cititrust or TipMe Liberia should advise them on the official channels for submitting information and claims, noting the Central Bank's explicit non-guarantee of repayment. Compliance officers in other Liberian financial institutions should review their internal controls and financial health to preempt similar regulatory interventions under the New Financial Institutions Act of 1999 and the National Payment Systems Act of 2014.

Source: Original reporting via Liberian Investigator