Liberia’s telecom regulator has moved to restructure the country’s mobile money market.
The Liberia Telecommunications Authority has granted Orange Money a separate operating licence, allowing it to function independently from Orange Liberia.
The decision follows new value-added service regulations that require telecom operators to separate their telecom and fintech businesses. Under the updated rules, Orange Liberia and Lonestar Cell MTN must decouple from their mobile money subsidiaries — Orange Money and MTN Mobile Money.
Lonestar Cell MTN is expected to secure its own standalone fintech licence in the coming months.
The reform signals a significant shift in regulatory control. Mobile money services will no longer operate directly under telecom operators.
In addition, the LTA has assumed control of USSD shortcodes — the dial codes customers use to send money, check balances and complete transactions without internet access.
Previously, telecom operators controlled these codes. That arrangement allowed them to influence market entry for fintech competitors.
Under the new framework, fintech companies can now apply directly to the regulator for USSD access. This change is expected to reduce barriers for new entrants.
Liberia’s mobile money market is highly concentrated. Orange Money surpassed one million subscribers in March 2025. MTN Mobile Money reported 1.28 million users by the end of the year.
Combined, the two platforms serve more than 2.2 million people in a country with a population of about 5.6 million.
By taking over shortcode management, the regulator aims to loosen the duopoly and encourage greater competition in the fintech space.
The reforms also prevent telecom operators from monopolising key numbering resources such as toll-free lines and machine-to-machine codes.
The LTA has already licensed five value-added service aggregators to act as intermediaries between operators and digital service providers. It plans to increase that number in the near future.
For now, Orange and MTN remain dominant players. However, the regulatory overhaul signals an effort to redraw the structure of Liberia’s mobile money market and create a more competitive digital financial ecosystem.
