Prominent political commentator and senior journalist, Dr Sylvia Blyden, has called for stricter enforcement of existing financial regulations to curb the growing wave of mobile money fraud in Sierra Leone.

In a Facebook post responding to public concerns, Dr Blyden revealed that many citizens have been asking her to propose solutions to address the alarming rise in fraudulent mobile money activities. She emphasised that the responsibility to tackle the issue lies not only with telecom operators but significantly with the Bank of Sierra Leone.

“It is quite simple,” she stated, pointing out that mobile money transactions fall within the broader financial system and are therefore subject to banking regulations. As such, she noted that the Governor of the Bank of Sierra Leone, as the country’s chief financial transactions regulator, has a central role to play.

Dr Blyden urged the National Security Council, chaired by President Julius Maada Bio, to ensure the strict enforcement of Know Your Customer (KYC) laws already in place. According to her, these laws require that individuals conducting mobile money transactions must have their National Identification Number (NIN) and a colour photograph linked to their registered telephone numbers in a database accessible to the Central Bank.

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She further explained that mobile network operators are mandated to regularly update this database, at least twice a week, to ensure compliance and traceability of transactions.

Drawing from her experience in government, Dr Blyden recalled challenges faced in regulating non-governmental organisations (NGOs) that previously exploited gaps in financial oversight. She recounted convening a high-level meeting on September 19, 2017, with then Bank Governor Patrick Saidu Conteh and his deputy, Dr Ibrahim L. Stevens, to strengthen accountability within the NGO sector.

At the time serving as Minister of Social Welfare, Gender and Children’s Affairs, Blyden said she was tasked by then-President Ernest Bai Koroma to lead reforms after raising concerns over weak regulatory proposals presented to Cabinet. Her efforts culminated in the development of a new regulatory framework that was approved in November 2017.

She noted that under the current administration of President Bio, even stronger KYC laws have been enacted, granting the Bank of Sierra Leone expanded authority to regulate financial transactions, including those conducted via mobile money platforms.

“The law is clear,” she stressed, adding that the Central Bank has the power to take decisive enforcement action-including shutting down mobile money services such as AfriMoney and Orange Money, if they fail to properly identify customers or comply with KYC requirements.

Dr. Blyden maintained that the tools needed to combat mobile money fraud already exist, but the key lies in their effective implementation.

“Sometimes, solving a seemingly big problem begins with properly enforcing the laws we already have,” she stated. “Criminals thrive where a government leaves gaps. Good governance is about closing those gaps.”

She concluded by underscoring the importance of leadership in applying the law effectively, asserting that stronger governance would ensure greater protection for citizens against financial crimes.