The Bank of Ghana has denied reports of MTN Ghana receiving a license for cross-border transactions with MTN Nigeria. It confirmed that MobileMoney Limited has not been authorized for international transfers and highlighted the BrijX platform as the only authorized cross-border initiative. The pilot is under strict regulatory controls, emphasizing the BoG’s commitment to secure payment solutions in Africa.
The Bank of Ghana (BoG) has rejected claims that MTN Ghana has obtained a license for cross-border transactions with MTN Nigeria. The central bank clarified that MobileMoney Limited, which operates MTN MoMo, is not authorized to conduct international money transfers.
This clarification comes in response to erroneous media reports that suggested MTN Ghana had received the necessary regulatory approval. Currently, the only initiative for cross-border transactions under BoG’s supervision is BrijX, a Business-to-Business (B2B) currency swap platform developed by Brij Fintech Ghana.
BrijX functions as part of BoG’s regulatory sandbox and facilitates direct swaps between the Ghanaian Cedi and the Nigerian Naira without the necessity for traditional currency exchange or physical fund transfers. The platform’s live testing began in February 2025, starting with MTN MoMo users and later expanding to include G-Money users.
BoG emphasized that the pilot program is subject to stringent regulatory controls, which include transaction limits, participant restrictions, and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The central bank intends to assess the pilot’s outcomes before formulating any further policy.
The Bank of Ghana reaffirmed its dedication to promoting secure, efficient, and affordable cross-border payment mechanisms in Africa, noting that MTN Ghana’s MoMo service will remain restricted to domestic transactions until further announcements are made.
In summary, the Bank of Ghana has clearly stated that MTN Ghana has not received any license for cross-border transactions, with all related activities limited to domestic payments. The BrijX pilot serves as the only supervised cross-border initiative, emphasizing strict regulatory controls and the commitment to enhancing payment solutions within Africa.
Original Source: www.graphic.com.gh
