The Bank of Ghana has denied reports that MTN Ghana has been licensed for cross-border transactions with MTN Nigeria. The clarification states that only the BrijX pilot program for currency swaps is authorized under its regulatory framework. MTN Ghana’s MoMo services remain limited to domestic transactions.
The Bank of Ghana (BoG) has officially denied claims that MTN Ghana has received a license to conduct cross-border transactions with MTN Nigeria. The central bank clarified that MobileMoney Limited, the operator of MTN MoMo, is not authorized to perform international money transfers. This statement was necessary following various media reports that inaccurately suggested MTN Ghana had gained regulatory approval for such activities.
The BoG noted that the only licensed pilot for cross-border transactions under its oversight is BrijX, a Business-to-Business (B2B) currency swap platform created by Brij Fintech Ghana, a recognized Payment Service Provider (PSP). BrijX is part of the BoG’s regulatory sandbox initiative, facilitating direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for foreign exchange or physical fund transfers across borders.
Launched in February 2025, the live testing of BrijX began with MTN MoMo customers and is anticipated to later include G-Money users. The BoG reassured the public that this pilot is subject to strict regulatory policies, which incorporate transaction limits, a set number of participants, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) standards. The central bank will assess the pilot’s outcomes to inform future policy decisions.
Moreover, the Bank of Ghana reiterated its dedication to facilitating secure, efficient, and affordable cross-border payments across Africa. It affirmed that MTN Ghana’s MoMo service is currently confined to local transactions until there is any further update.
In summary, the Bank of Ghana has firmly clarified that MTN Ghana has not been authorized for cross-border transactions with MTN Nigeria. The only active initiative in this domain is the BrijX pilot program, which seeks to facilitate currency swaps without traditional international transfer methods. The central bank remains committed to enhancing cross-border payment security and efficiency while keeping MTN Ghana’s services domestic until further notice.
Original Source: www.graphic.com.gh
