LCA is an independent regulatory agency established to regulate telecommunications, broadcasting and postal sectors.
Earlier, LCA had accused VCL of failing to appoint an independent auditor to do it accounts from 2015 until 2019 and not showing any remorse for it.
The authority further accused VCL of failing to provide adequate mitigation factors and supporting evidence for the 23 000 jobs promised.
For its part, VCL pledged in a statement of October 7 signed by the Managing Director Philip Amoateng that its M-PESA customers’ funds are safe.
Mr Amoateng said the heavy fine imposed on VCL will not affect any transactions and savings on M-PESA service as the mobile money provider is a financial service regulated by the Central Bank of Lesotho (CBL).