The Financial Intelligence Agency of Liberia has ramped up its regulatory scrutiny of the country’s leading mobile network operators as both Orange Money and Lonestar Cell MTN face significant penalties for failing to comply with local investment regulations and anti-money laundering laws.
On Tuesday, the FIA imposed a fine of L$15 million on Orange Money Liberia following a detailed inspection that uncovered serious breaches of the AML/CFT Act of 2021. The agency’s compliance audit, conducted from September 2 to September 13, 2024, revealed substantial deficiencies in the company’s oversight, risk management practices, and failure to provide Liberian investors access to the legally mandated 20% share of its capital.
Orange Liberia said it would comment on the matter later when contacted.
Key issues identified in the FIA’s inspection included inadequate board oversight, breaches of confidentiality in reporting suspicious transactions, outdated compliance policies, and an ineffective risk management system capable of identifying high-risk clients. In light of these findings, the FIA has mandated that Orange Money develop a comprehensive action plan to address these shortcomings by June 23, 2025, and rectify all deficiencies by September 1, 2025.
“The FIA will undertake necessary supervisory actions to ensure that OML meets its AML/CFT obligations fully,” a representative stated, reinforcing the agency’s intent to uphold the integrity of Liberia’s financial system.
The scrutiny of these mobile money operators comes amid allegations from President Joseph Boakai that Lonestar Cell MTN is withholding a 20% equity stake that rightfully belongs to Liberian institutions and investors.
In a recent cabinet meeting, Boakai indicated that an investor disclosed in Accra, Ghana, that more than 20% of shares should belong to the people of Liberia, as opposed to private individuals.
“This should not be a corporate issue,” President Boakai emphasized, insisting that the government should have control over these resources to serve the public interest. He has vowed to pursue the matter vigorously should the company refuse to identify the beneficiaries or relinquish the shares.
The situation is further complicated by an ongoing Senate investigation looking into Lonestar Cell MTN’s alleged exclusion of local shareholders from governance.
Testimonies in public hearings have revealed that the company may have failed to issue share certificates while claiming that locals own 20% of its operations.
Senate Committee on Post and Telecommunications, chaired by Senator Francis Dopoh, is committed to uncovering the truth behind these claims.
Central Bank of Liberia Executive Governor Henry Saamoi confirmed to the committee that, despite regulatory structures meant to separate Lonestar Cell MTN’s mobile money service from its telecommunications operations, the local shareholders’ claims remain unrealized.
He cited significant compliance failures, with many regulatory requirements remaining unmet.
These revelations coincide with previous sanctions placed on Lonestar Cell MTN in January 2024 for violations related to money laundering and terrorism financing. Underlying concerns have escalated regarding the two companies’ adherence to regulations designed to fortify national financial security.
With Senator Dopoh declaring, “We will not allow Liberians to be deprived of their lawful stake,” the committee plans to summon all parties involved for follow-up hearings. As lawmakers delve deeper into these allegations, a preliminary report is expected to be submitted to the Senate Plenary soon.
Both the FIA’s enforcement actions and the Senate’s inquiries signal an urgent call for transparency and accountability in Liberia’s mobile money sector, emphasizing the need for local investors to secure their rightful place within the fast-evolving fintech landscape.
