On March 18, 2014, USAID Governance and Economic Management Support project (USAID-GEMS) assisted in hosting a Mobile Money Stakeholders meeting chaired by the newly-appointed CBL Deputy Governor Boima Kamara. The purpose of the meeting was to finalize the overhaul of the Mobile Money Guidelines, which were initially adopted in August 2011.
The revised Mobile Money Guidelines are designed to attract additional investment into the Liberian market by allowing non-banks to offer Mobile Money as a separate subsidiary. They also clarify the rules governing the agents and merchants, making it easier for consumers to cash-in and cash-out of Mobile Money, enabling the creation of a separate mobile wallet denominated in US Dollars.
USAID-GEMS provided substantive revisions to the draft Mobile Money Guidelines which resulted in bringing the Mobile Money regulatory framework up to or exceeding international best practices.
More than thirty-five representatives from all aspects of the industry attended the stakeholder meeting, including commercial banks, mobile companies, credit unions and donors (USAID and UNCDF).