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More Africa NewsSierra Leone: Telecoms regulator calls for stronger legislation from the Central Bank to secure Mobile Money

October 29, 2019by myles

Sierra Leone’s National Telecommunication Commission (NATCOM) has called on the country’s Central Bank to develop a stronger regulatory framework to secure mobile payment, which is not under its jurisdiction but which affects the telecom companies which it guarantees. Faced with the progressive dynamism of Mobile Money, the telecom regulator also wanted to draw the Central Bank’s attention to the security risks that this segment of the telecoms market is facing. 

In Sierra Leone, 85% of the population does not have access to traditional banking services, according to the United Nations Capital Development Fund (UNCDF). This large part of the population, in which all low-income workers find themselves, has found in mobile payment a financial solution adapted to their modest financial means. Each month, it is therefore several million leones that pass through this payment solution.  

For NACTOM, considering the volume of money processed, Mobile Money has become one of the segments (telecoms market) most exposed to cybercrime attacks. Ben Foday, the director of institutional issues at NATCOM, emphasized that it is the role of the Central Bank to ensure that Mobile Money is well regulated, protected, for fluid financial operations.

Source: Agence Ecofin