Regulations Concerning Mobile Money Services, 2014 (Central Bank of Liberia)

The Central Bank of Liberia's Regulations Concerning Mobile Money Services (2014) are the detailed rules governing mobile money and electronic money in Liberia, made under the Payment System Act, 2014. They are complemented by CBL Regulations Concerning the Licensing and Operations of electronic-payment/e-money services (2016). Liberia is outside WAEMU/BCEAO; the CBL is the regulator. (Note: the enacted date is recorded at year-level 2014; the precise date should be verified.) Scope and applicability: The Regulations apply to providers of mobile money services and issuers of electronic money, covering both bank-led and non-bank (including mobile network operator) models. They set the licensing, prudential and conduct requirements for operating mobile money services in Liberia. Core obligations: Providers must obtain CBL approval/licensing and meet requirements on corporate form, capital and governance. Customer funds must be safeguarded, outstanding e-money must be fully backed by funds held in trust/escrow with banks and ring-fenced from the provider's own funds, with e-money reimbursable at par. The Regulations govern agent networks (appointment, oversight and liability), KYC/customer due diligence and AML/CFT, tiered transaction and balance limits, interoperability, data and systems requirements, consumer protection and disclosure, and reporting to the CBL. The CBL has also used its powers to set service terms in the market, for example a baseline mobile money cash-out fee (2%) effective from 1 August 2025. Supervision and enforcement: The Central Bank of Liberia licenses and supervises mobile money and e-money providers, monitors trust-account backing, agent conduct and reporting, and may impose corrective measures and sanctions including licence suspension or revocation. Together with the Payment System Act 2014 and the NEPS/instant-payment infrastructure, the Regulations form the operational core of Liberia's mobile money framework.

1. 1Made under the Payment System Act 2014; govern mobile money services and electronic money issuance in Liberia
2. 2Require Central Bank of Liberia licensing/approval of mobile money and e-money providers (bank-led and non-bank models)
3. 3Mandate full safeguarding of customer funds in trust/escrow backing outstanding e-money, reimbursable at par
4. 4Govern agent network appointment, oversight and liability
5. 5KYC/customer due diligence, AML/CFT, and tiered transaction and balance limits
6. 6Consumer protection, interoperability, systems/data and CBL reporting requirements
7. 7Complemented by CBL e-payment licensing regulations (2016); CBL set a 2% mobile money cash-out fee effective 1 August 2025