Regulatory Alerts2015-11-16
Guidelines for Mobile Money Services
The Bank of Sierra Leone has issued these guidelines to establish a comprehensive regulatory framework for mobile money services, mandating licensing compliance, consumer protection, and anti-money laundering standards. The framework authorizes bank-led and non-bank-led operational models, requiring applicants to maintain dedicated trust accounts, implement certified risk management and cybersecurity protocols, and demonstrate financial viability. It delineates the responsibilities of licensed institutions, mobile network operators, and agents while enabling diverse transaction types—including peer-to-peer, business, government payments, and cross-border remittances—to drive nationwide financial inclusion.
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