Liberia: CBL Reportedly Courting MTN Despite Refusal to Set Up Board As Ghana Demands Compliance

Monrovia — The Central Bank of Liberia appears to be under fire amid reports that top officials of the cellular giant MTN are in Monrovia looking to bypass government channels in direct avoidance of a CBL mandate for the company to set up a Board of Directors.

FrontPageAfrica has learned that the company has been avoiding the CBL's mandate over fears that MTN would not be able to secure a majority on the Board.

FPA has gathered that the CBL has repeated cautioned MTN demanded that a board be set up to no avail. In fact, MTN has been fined twice but instead of complying they have reportedly used background channels with top government officials to steer clear of the CBL's mandate.

In 2013, the CBL mandated MTN to give 20% Shares in Mobile money to four or more Liberians. However, despite assurances from the company to the CBL that it was in compliance for the past ten years, FPA has learned that is not the case. "MTN has refused to set up the Board of Directors because they wouldn't have a majority on the Board.

Multiple sources confirmed to FrontPageAfrica late Monday that the CBL gave the company a deadline that expired last, May 9th, 2025 with MTN failing to comply. "They were fined and still has not compiled. Instead of stepping in and appointing a temporary Board, they are again meeting with them today," multiple sources close to the situation told FPA Tuesday night. "They are doing this everywhere and the regulatory agency is taking actions against them. A typical example is Ghana. Central Bank must form a temporary Board tomorrow instead of giving these people more time. While Liberia must always go against its people for small money," one source said Tuesday.

The Liberia debacle is being compounded as reports out of Ghana Monday emphasized that contrary to what is unfolding in Liberia, MTN Ghana is moving swiftly to restructure its mobile money business to comply with a key regulatory requirement imposed by the Bank of Ghana.

Under the Payment Systems and Services Act, in Ghana, companies operating as dedicated electronic money issuers are required to have a minimum of 30% Ghanaian ownership. MTN's mobile money subsidiary, MobileMoney Ltd (MML), currently falls short of this threshold and faces a June 13, 2025 deadline to comply -- or risk severe regulatory sanctions, including a potential shutdown of the Momo business.

The Ghanaian outlet, Citinewsroom published a circular to shareholders dated April 30, 2025, MTN Ghana (Scancom PLC) announced that it will dissolve MML and transfer its assets, operations, and staff to a newly incorporated local entity named New FinCo. Under the terms, a trust will be established to hold a 32.13% stake in New FinCo on behalf of Ghanaian minority shareholders, mirroring their current interest in Scancom PLC. The remaining 67.87% will be held by the MTN Group.

The reorganisation -- referred to as the "MML Localisation" -- will take place in two phases, the publication reported. The first phase, which focused on achieving 30% Ghanaian ownership at the parent company level (Scancom PLC), was completed in 2024 through trades on the Ghana Stock Exchange. The second phase involves a legal merger between MML and New FinCo. The success of this merger is contingent on several approvals, including from the Bank of Ghana, the courts, creditors, employees, and the Chief Labour Officer.

According to the paper, MTN Ghana is positioning the move as not just a regulatory necessity but a strategic realignment that will safeguard the future of its MoMo business.

The company also hinted at plans to list New FinCo on the Ghana Stock Exchange within the next three to five years, giving minority shareholders a chance to directly trade in the new entity.

Shareholders have reportedly been invited to an Extraordinary General Meeting on May 21, 2025, to be briefed on the localisation structure, although no vote will be taken at this stage.

Telecommunications industry observers are baffled of the CBL's decision to court MTN while in neighboring Ghana the same company is racing against time to beat the deadline and set up the board in compliance with the laws and the telecommunications regulatory body.

Efforts to reach officials at the CBL proved futile as this report went to press.