The Bank of Ghana has confirmed that MTN Ghana is not licensed to facilitate cross-border money transfers to Nigeria through MTN MoMo. Instead, the BrijX platform is approved for currency exchanges, operating under strict regulatory controls. It aims to enhance digital payment solutions in the region without requiring physical fund transfers.
The Bank of Ghana (BoG) announced that MTN Ghana does not have authorization for cross-border money transfers to MTN Nigeria. This clarification was essential amid ongoing discussions in the fintech arena. MobileMoney Limited, the operator of MTN MoMo, has not received a license for international transactions, as stated by the central bank.
BoG has approved Brij Fintech Ghana to pilot BrijX, a Currency Swap Platform under its regulatory sandbox program. This platform is distinct from MTN MoMo and aims to improve regional digital payment solutions by enabling currency swaps between Ghana and Nigeria without requiring physical fund transfers.
The platform operates in collaboration with banks and licensed payment service providers. Currently, the BrijX pilot is restricted to MTN MoMo customers, with plans to include G-Money users. It is subject to stringent regulatory controls, including transaction limits, specified participant numbers, a defined testing period, and compliance with Anti-Money Laundering and Know Your Customer regulations.
The BoG’s clarification underscores that MTN MoMo is not authorized for cross-border transactions with Nigeria. Instead, the BrijX initiative, which seeks to enhance currency exchange between the Ghanaian Cedi and Nigerian Naira, will operate under strict regulatory oversight. As fintech continues to evolve, the need for clear regulations remains critical to ensure compliance and protect consumers.
Original Source: www.myjoyonline.com
