The Bank of Ghana has denied that MTN Ghana is licensed for cross-border transactions with MTN Nigeria, clarifying that MobileMoney Limited has no such authorization. The only pilot under BoG’s supervision is BrijX, a B2B currency swap platform. MTN MoMo will continue to operate domestically until further regulatory updates.
The Bank of Ghana (BoG) has refuted claims suggesting that MTN Ghana has received permission 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 assertion comes in response to misleading media reports implying regulatory approval for MTN Ghana in this regard.
Currently, the only recognized pilot for cross-border transactions under BoG’s supervision is BrijX. This platform, developed by Brij Fintech Ghana, operates for Business-to-Business (B2B) currency swaps, enabling exchanges between the Ghanaian Cedi and the Nigerian Naira without conventional forex requirements or the movement of funds.
The BrijX pilot, initiated in February 2025, initially engaged MTN MoMo clients, with plans to include G-Money customers subsequently. BoG ensures that this pilot operates under strict regulatory conditions, including transaction limits and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. The outcomes of this trial will inform future policy decisions.
The Bank of Ghana remains steadfast in its commitment to developing secure and efficient cross-border payment solutions in Africa. It has confirmed that MTN Ghana’s MoMo service will continue to focus solely on domestic transactions until further notice.
In summary, the Bank of Ghana has clarified that MTN Ghana is not authorized to engage in cross-border transactions. The only existing pilot program for such activities is BrijX, aimed at facilitating B2B currency swaps. BoG’s regulatory oversight ensures secure operations, while MTN MoMo remains limited to domestic transactions for now.
Original Source: www.graphic.com.gh
