The Bank of Ghana (BoG) has stated that MTN Ghana is not authorized for cross-border transactions with MTN Nigeria. Concurrently, the BoG has approved Brij Fintech Ghana to pilot BrijX, a B2B Currency Swap Platform designed to improve digital payments, adhering to strict regulatory standards.
The Bank of Ghana (BoG) has clarified that MTN Ghana lacks the necessary licensing to manage cross-border transactions with MTN Nigeria. They reaffirmed that MobileMoney Limited, which operates MTN MoMo, does not have authorization for such services, contrary to media reports.
Additionally, the BoG recently approved Brij Fintech Ghana as a licensed Payment Service Provider (PSP) to pilot BrijX, a B2B Currency Swap Platform. This initiative is part of the BoG’s regulatory sandbox program, aiming to innovate digital payments in the region.
In their communication, the BoG emphasized that while MTN MoMo is not licensed for cross-border dealings, BrijX is intended to enhance currency exchanges between the Ghanaian Cedi and the Nigerian Naira. This will happen without necessitating forex transactions or physical money transfers.
BrijX operates in partnership with banks and mobile money operators, facilitating direct currency swaps. The pilot program, which began live testing in February 2025, involves MTN MoMo customers and will subsequently include users of G-Money.
The BoG has established strict compliance measures for this pilot, including transaction caps, limits on customer participation, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Following the pilot’s conclusion, the BoG will evaluate its results to gauge alignment with Ghana’s financial regulatory framework.
Furthermore, the BoG committed to fostering safe and efficient cross-border financial services in Africa while ensuring robust consumer protection. They will explore innovative regulatory approaches to further enhance financial services availability.
In conclusion, the Bank of Ghana has clarified MTN Ghana’s lack of licensing for cross-border transactions with Nigeria, while introducing the BrijX pilot as a regulated B2B Currency Swap initiative. This pilot is designed to facilitate currency exchanges without traditional barriers, adhering to stringent regulations. The BoG’s ongoing commitment to regulatory innovation indicates a focus on enhancing cross-border payment solutions while protecting consumers.
Original Source: citinewsroom.com
