Paynesville City- The Liberia Telecommunications Authority (LTA) has granted a license to a Liberian-owned firm to operate mobile money services, after what officials described as a rigorous vetting process.
By Jaheim T. [email protected]
Commissioner for Licensing and Regulatory, Ben A. Fofana, said the approval followed due diligence and engineering tests to ensure compliance with national standards.
Said Fofana, “We do vigorous due diligence, as we alluded to earlier; that was done. And then from there, we also do the engineering tests on your applications to see whether your entity is worth licensing to participate in the sectors. “
“The license for us intends to grant applicants or entities that are qualified to provide quality services for our people.”
Fofana emphasized that compliance would be closely monitored. “A lot of the conditions that constitute the monitoring processes are outlined in there. So we accept nothing less or more than meeting compliance indicators in the body of the license,” he said
He added, “Providing quality services also helps in our developmental drive as a nation as well. “
Receiving the license on behalf of the company was Varney A. Fahnbulleh, Chairman and CEO, accompanied by Nathan C. Ross, a board member, and Alomiza Ennos Walters-Slewon, Vice President for Government Affairs. Fahnbulleh described the moment as historic for Liberian entrepreneurship.
“We believe this engagement today is monumental for us as a 100% Liberian business,” he said.
“I want to extend special appreciation to the LTA family for allowing us to go through the rigid process that led us here towards obtaining a license.”
The firm plans to launch its Vita Money platform, offering a wide range of digital financial services.
These include local mobile transfers, international remittances, push-and-pull services, tax payments, and bill settlements for utilities such as DSTV, water, and sewer. Customers will also be able to purchase Liberia Electricity Corporation (LEC) tokens and pay school fees through the platform.
Fahnbulleh said the company is in discussions with the Central Bank of Liberia to acquire a fintech license, which would allow it to expand into full digital banking.
“It’s very much monumental for us. And I want to tell you, thank you for giving us the opportunity,” he added.
Director for Licensing, Alexander Swen, echoed the commissioner’s remarks and praised the company’s credibility.
“We want to make sure that we get a process that, once you’re there, there should be no problem that you should be facing from the LTA side,” Swen said.
“We see a lot of credible people with the organization, and we ourselves will start to do our personal businesses with you,“ he said.
The ceremony underscored the symbolic importance of a Liberian-owned firm entering the digital finance space.
With the license secured, Vita Money is preparing to roll out its services to the general public.
The company’s deployment strategy, officials said, is designed to integrate seamlessly into Liberia’s financial ecosystem, offering services that meet every day needs while expanding access to digital payments.
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