• Liberia now requires mobile network operators to separate telecom and mobile money activities.

• Orange Liberia has spun off Orange Money into a licensed subsidiary; MTN is expected to follow.

• The reform shifts control of USSD codes to the regulator to open the market to fintech firms.

Liberia has introduced new rules requiring mobile network operators to separate their telecom operations from mobile money services, marking a regulatory shift aimed at reshaping competition in the digital finance market.

In this context, Orange Liberia has established Orange Money as a legally distinct subsidiary, which last week obtained its own license from the Liberia Telecommunications Authority (LTA). Its main competitor, Lonestar Cell MTN, is expected to take similar steps in the near term, in line with the new framework governing value-added services.

The reform, which recently came into force, requires mobile network operators (MNOs) to dissociate their telecom activities from mobile money operations. It also transfers control of short codes to the regulator, a function previously managed by operators. The stated objective is to create more balanced competitive conditions and open the market to new entrants.

“Prior to the VAS regulations, Mobile Network Operators (MNOs) had full control over the delegation of short codes to anyone/entity seeking to enter the Mobile Money market,” the LTA said in a statement published on Facebook on February 20.

Under the new rules, a fintech company can now apply directly to the regulator for USSD codes to facilitate access to its services, without relying on a competing operator. These codes allow users to perform transactions such as money transfers, payments, or balance checks directly from their phones through an interactive menu that does not require an internet connection.

The system is particularly suited to basic mobile phones and areas with limited connectivity, whereas digital payment solutions offered by non-telecom players typically rely on smartphone applications and internet data access.

Beyond USSD codes, operators may no longer monopolize other numbering resources, including short numbers, machine-to-machine numbers, or toll-free numbers.

In October 2025, the LTA granted the first licenses to five value-added service aggregators and aims to increase that number to ten before December. These aggregators act as technical intermediaries between telecom operators and digital service providers, facilitating access to short codes, platform integration, and the management of USSD and SMS flows. According to the regulator, their role is to structure the ecosystem, simplify market entry, and stimulate innovation in digital and financial services.

For now, the mobile money market remains largely dominated by the two incumbent operators. Orange Money surpassed one million subscribers at the end of March 2025, while MTN Mobile Money reported 1.28 million subscribers as of December.

Isaac K. Kassouwi