The mobile money market in Liberia is currently concentrated in the hands of operators Lonestar Cell MTN and Orange, who share more than 2.2 million subscribers out of an estimated population of 5.6 million inhabitants.

Orange Liberia has established Orange Money as a legally separate subsidiary, which last week obtained its own license from the Liberia Telecommunications Authority (LTA). Its main competitor, Lonestar Cell MTN, is expected to follow the same procedure as soon as possible, in accordance with the new regulations governing value-added services.

This recently implemented reform now requires mobile network operators to separate their telecom activities from those related to mobile money. It also entrusts the regulator with the direct management of short codes, which were previously controlled by the operators. The stated objective is to create a fairer competitive environment and further open the market to new players.

“Before these regulations were introduced, mobile network operators (MNOs) had total control over the allocation of short codes to any person or entity wishing to enter the mobile money market ,” the LTA said in a statement posted on Facebook on Friday, February 20.

Fintech companies can now directly request USSD codes from the regulator to facilitate access to their services, without relying on a competing operator. These codes will allow users to perform operations such as money transfers, payments, and balance inquiries directly from their phones via an interactive menu accessible without an internet connection. This solution is particularly well-suited to basic phones and areas with limited connectivity, whereas digital payment offerings from non-telecom providers generally rely on mobile applications requiring a smartphone and internet access.

Beyond USSD codes, operators can no longer monopolize access to other numbering resources, such as short codes, machine-to-machine codes, or toll-free numbers.

It is in this context that the LTA awarded the first licenses in October 2025 to five value-added service aggregators, with the aim of increasing this number to ten by December. These aggregators act as technical intermediaries between telecom operators and digital service providers, facilitating access to shortcodes, platform integration, and the management of USSD and SMS flows. According to the LTA, their presence should structure the ecosystem, simplify the entry of new players, and stimulate innovation in digital and financial services.

For now, the mobile money market remains largely driven by the two incumbent operators. Orange Money crossed the one million subscriber mark at the end of March 2025, while MTN Mobile Money claimed 1.28 million subscribers at the end of December. 

Source: Agence Ecofin