The Bank of Ghana has declared that MTN Ghana is not licensed for cross-border transactions with MTN Nigeria. It introduced BrijX, a pilot currency swap platform to enhance digital payments. This initiative allows currency exchanges without traditional forex transactions and is subject to strict regulatory controls, aimed at ensuring consumer protections and compliance with financial regulations.
The Bank of Ghana (BoG) has clarified that MTN Ghana is not authorized to carry out cross-border transactions with MTN Nigeria. It emphasized that MobileMoney Limited, the operator of MTN MoMo, has not obtained the necessary license for such activities. This statement follows various media reports suggesting otherwise, reaffirming the BoG’s position on the matter.
Furthermore, the BoG announced its approval of Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to pilot a B2B Currency Swap Platform called BrijX. This initiative will operate under the regulatory sandbox program designed to enhance digital payment systems within the region. The Bank highlighted that the BrijX pilot initiative aims to modernize currency exchanges between Ghana and Nigeria.
The BrijX platform allows for currency swaps between the Ghanaian Cedi and the Nigerian Naira without necessitating physical fund transfers or conventional forex transactions. It operates in partnership with banks, mobile money operators, and other licensed PSPs to streamline the process. The pilot commenced live testing in February 2025 and includes MTN MoMo customers, expanding to G-Money users in the near future.
The BoG emphasized that the pilot is subject to strict regulatory oversight, which includes transaction limits, restrictions on customer participation, and strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Upon completing the pilot, the BoG will evaluate its findings to assess alignment with the financial regulatory framework of Ghana.
Moreover, the BoG reiterated its commitment to developing safe and efficient cross-border payment solutions across Africa. It assured stakeholders of its ongoing efforts to create innovative regulatory structures aimed at enhancing financial services while upholding strong consumer protection initiatives.
In conclusion, the Bank of Ghana has firmly stated that MTN Ghana lacks the authorization to conduct cross-border transactions with MTN Nigeria, as clarified in response to recent media coverage. The newly introduced BrijX platform represents a regulated step toward improving digital payment systems. The initiative is designed to facilitate direct currency swaps, thereby enhancing transaction efficiency while maintaining robust regulatory compliance and consumer protection measures.
Original Source: citinewsroom.com
