MTN Mobile Money Faces CBL Fine For Regulatory Non-Compliance 

By Marie Willie 

MONROVIA, June 15 (LINA) – Lonestar Cell MTN Mobile Money Inc., a prominent mobile money provider in Liberia, has incurred a significant fine from the Central Bank of Liberia (CBL), the regulatory authority overseeing mobile money operations, due to its failure to adhere to various CBL regulations. 

In a formal communication directed to Mr. Rahul De, CEO of MTN Mobile Money, the CBL outlined the reasons for the fine, citing persistent breaches of mobile money regulations and a lack of compliance with essential corporate governance standards set by the CBL. 

Despite the directive to settle the fine promptly and align with regulatory requirements, the CEO opted to appeal the decision. 

The CBL, however, firmly upheld its decision, emphasizing the necessity for immediate compliance and fine payment.

While the fine has been settled, investigations reveal ongoing non-compliance with CBL regulations by MTN Mobile Money.

The CBL has cautioned the company regarding further delays in compliance, warning of potential additional penalties should timelines not be met. 

Additionally, local Liberian shareholders of MTN Mobile Money have initiated legal action against the company in the Commercial Court of Liberia for alleged violations of shareholder rights.

As legal proceedings are underway, further commentary on the matter is restricted due to its judicial status.

This pattern of non-compliance is not unique to Liberia, as MTN has faced similar challenges in other West African nations, resulting in substantial fines and operational disruptions.