The Bank of Ghana clarified that MTN Ghana is not licensed for cross-border transactions with Nigeria. MTN MoMo, operated by MobileMoney Limited, has no authorization for such dealings. Meanwhile, the BoG approved Brij Fintech Ghana to pilot BrijX, a B2B Currency Swap Platform, aimed at enhancing regional digital payments under regulatory supervision.
The Bank of Ghana (BoG) has clarified that MTN Ghana is not authorized to conduct cross-border transactions with MTN Nigeria. The Central Bank emphasized that MobileMoney Limited, the operator of MTN MoMo, does not possess the necessary approval for such activities. This statement comes amidst discussions about advancements in financial technology within the region.
Additionally, the BoG highlighted its recent endorsement of Brij Fintech Ghana, which has received approval to pilot BrijX, a B2B Currency Swap Platform. This initiative is part of the BoG’s regulatory sandbox program, aimed at enhancing digital payment systems. The BrijX platform promises to innovate currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for traditional forex transactions.
While MTN MoMo is prohibited from cross-border transactions, the BoG’s statement confirmed that BrijX, which began testing in February 2025, will initially involve MTN MoMo customers, with plans to expand to G-Money users. The pilot is governed by several regulatory constraints, such as transaction limits and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
At the completion of the pilot program, the BoG intends to evaluate the outcomes to ascertain if the BrijX model adheres to Ghana’s financial regulations and could inform future policy directions. The bank reiterated its dedication to providing secure and cost-effective cross-border payment options, constantly seeking ways to improve financial services while ensuring consumer protection.
In summary, the Bank of Ghana has unequivocally stated that MTN MoMo is not licensed for cross-border transactions with Nigeria, emphasizing that such authorizations have not been granted. Conversely, the BrijX pilot initiative underlines the BoG’s commitment to fostering innovation in financial technology, poised to enhance regional digital payment mechanisms. This initiative, alongside stringent regulatory frameworks, aims to ensure the safety and efficiency of financial operations in Ghana and beyond.
Original Source: citinewsroom.com
