The Bank of Ghana (BoG) has clarified that MTN Ghana has not been granted a license to facilitate cross-border transactions with MTN Nigeria. The central bank emphasized that MobileMoney Limited, the operator of MTN MoMo, has not received the necessary authorization to conduct international money transfers.
Addressing recent discussions in the fintech sector, the BoG explained that it had approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to pilot BrijX—a B2B Currency Swap Platform—under its regulatory sandbox programme. This initiative is intended to enhance digital payment solutions within the region, but it remains distinct from MTN MoMo’s operations.
In an official statement, the Bank of Ghana refuted claims that MTN Ghana has been authorized to conduct cross-border transactions with its counterpart in Nigeria. The statement read: “The Bank of Ghana has noted media reports suggesting that MTN Ghana has been licensed to carry out cross-border transactions with MTN in Nigeria. We hereby clarify that MobileMoney Limited, the providers of MoMo from MTN, have not been licensed or authorized to engage in cross-border transactions.”
The BrijX platform is designed as a digital marketplace to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira. Unlike traditional foreign exchange transactions, it does not require physical fund transfers across borders. Instead, it facilitates seamless currency exchanges by working in collaboration with banks, mobile money operators, and licensed PSPs.
The BoG further stressed that the BrijX pilot, which commenced live testing in February 2025, is currently limited to MTN MoMo customers but is expected to extend to G-Money users in due course. The initiative operates under strict regulatory controls, including transaction limits, a restricted number of participants, a defined testing period, and full adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Source: Myjoyonline.com
