The Bank of Ghana has stated that MTN MoMo is not authorized for cross-border transactions with Nigeria. MobileMoney Limited lacks the necessary license. The BoG has approved the BrijX platform for currency swaps between Ghana and Nigeria, which operates independently under regulatory oversight.
The Bank of Ghana (BoG) has made it clear that MTN Ghana lacks authorization to conduct cross-border transactions with MTN Nigeria. The Central Bank specified that MobileMoney Limited, the operator of MTN MoMo, has not been granted the necessary license for international money transfers. In recent discussions regarding fintech regulations, the BoG emphasized that while it has approved Brij Fintech Ghana as a licensed Payment Service Provider (PSP) to pilot BrijX—an innovative B2B Currency Swap Platform under its regulatory sandbox—this does not extend to MTN MoMo’s operations.
In response to media speculation regarding MTN Ghana’s licensing for cross-border transactions, the BoG formally denied such claims. The statement noted, “Bank of Ghana has taken note of media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria. The Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions.”
The newly introduced BrijX platform aims to facilitate direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira. Unlike conventional foreign exchange correspondence, this system does not necessitate physical fund movement across borders. It promotes efficient currency swaps through partnerships with banks, mobile money operators, and other licensed PSPs.
Currently, the BrijX pilot, initiated in February 2025, is exclusively available to MTN MoMo customers. The Bank stated that there are plans to include G-Money users in the future. The operation is under stringent regulatory oversight, incorporating transaction limits, a controlled participant base, a specific testing timeframe, and complete adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
In summary, the Bank of Ghana has affirmed that MTN MoMo is not authorized to facilitate cross-border transactions with Nigeria. While it has launched the BrijX currency swap platform to enhance regional digital payment solutions, the initiative operates independently and is currently restricted to MTN MoMo customers. Stringent regulatory measures are in place to ensure compliance with financial regulations.
Original Source: www.myjoyonline.com
