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Bank of Ghana Clarifies MTN MoMo’s Non-Authorization for Cross-Border Transfers to Nigeria

The Bank of Ghana has confirmed that MTN MoMo is not authorized for cross-border transfers to Nigeria. MobileMoney Limited lacks the necessary licensing, while the BoG has approved BrijX, a new fintech initiative for currency swaps between Ghana and Nigeria. The BrijX platform operates under regulatory control and is currently in a pilot phase for MTN MoMo customers.

The Bank of Ghana (BoG) has officially announced that MTN Ghana lacks the necessary licensing to facilitate cross-border transactions with MTN Nigeria. The BoG clarified that MobileMoney Limited, which operates MTN MoMo, has not been authorized to perform international money transfers. This communication aims to address misunderstandings within the fintech sector regarding MTN Ghana’s operational capabilities.

In its statement, the Bank confirmed that it has granted approval to Brij Fintech Ghana, a licensed Payment Service Provider, to pilot the BrijX platform—a business-to-business currency swap initiative. This program, which operates under the BoG’s regulatory sandbox, aims to improve digital payment solutions within the region and remains separate from MTN MoMo services.

The BoG refuted claims circulating in the media about MTN Ghana’s licensing status, stating, “The Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorized to conduct cross-border transactions.” This clarification reinforces the regulatory boundaries governing such financial transactions.

The BrijX platform functions as a digital marketplace, allowing direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira without requiring physical fund transfers. It enables seamless currency swaps through collaborations with banks, mobile money operators, and licensed payment service providers. Currently, the pilot program is accessible to MTN MoMo customers, with plans to include G-Money users in the future.

The operations of the BrijX initiative are governed by strict regulatory frameworks, which include transaction limits, a selective participant list, a specified testing period, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This oversight ensures the initiative’s compliance with financial regulations while enhancing digital payment solutions in Ghana.

In conclusion, the Bank of Ghana has issued a clear statement regarding the lack of authorization for MTN MoMo to conduct cross-border transactions with Nigeria. It emphasizes the approval of Brij Fintech’s BrijX platform as a separate initiative aimed at enhancing digital payment solutions. The BoG’s strict regulatory framework underscores its commitment to maintaining the integrity of the financial system while exploring innovative payment solutions.

Original Source: www.myjoyonline.com

Anaya Williams

Anaya Williams is an award-winning journalist with a focus on civil rights and social equity. Holding degrees from Howard University, she has spent the last 10 years reporting on significant social movements and their implications. Anaya is lauded for her powerful narrative style, which combines personal stories with hard-hitting facts, allowing her to engage a diverse audience and promote important discussions.

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