The Bank of Ghana clarified that MTN Ghana’s MoMo service is not authorized for cross-border transactions with Nigeria, addressing misinformation circulating in the media. It announced the approval of Brij Fintech’s pilot of BrijX, a regulated B2B Currency Swap Platform aimed at enhancing digital payments in the region. The pilot will undergo stringently monitored testing involving various financial participants to ensure compliance with existing regulations.
The Bank of Ghana (BoG) has clarified that MTN Ghana is not authorized to facilitate cross-border transactions with MTN Nigeria. The Central Bank emphasized that MobileMoney Limited, which operates MTN MoMo, has not received the necessary authorization for such transactions, addressing recent media speculations.
In an effort to enhance the fintech landscape, the BoG has approved Brij Fintech Ghana to pilot BrijX—a B2B Currency Swap Platform—under its regulatory sandbox program. This initiative represents a regulated approach aimed at revolutionizing digital payments across the region.
“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 Bank noted.
BrijX enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, bypassing traditional forex transactions or physical fund transfers. The platform collaborates with banks and licensed Payment Service Providers (PSPs) to facilitate these exchanges seamlessly.
The pilot testing for BrijX commenced in February 2025 and is involving MTN MoMo customers, with plans to also include G-Money users in the near future. The pilot is being conducted under strict regulatory oversight, which includes transaction limits and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Upon completion of the pilot, the BoG will evaluate the outcomes to determine the viability of the BrijX model within Ghana’s regulatory framework. The Bank remains dedicated to providing safe, efficient, and affordable cross-border payment solutions across Africa, and is committed to innovating regulatory frameworks that promote enhanced financial services while ensuring consumer protection.
In summary, the Bank of Ghana has reaffirmed that MTN MoMo is not licensed for cross-border transactions with Nigeria. Meanwhile, the BrijX pilot program represents a regulated effort to facilitate digital currency exchanges between Ghana and Nigeria. The BoG remains dedicated to exploring innovative payment solutions while maintaining strict regulatory compliance and consumer protection.
Original Source: citinewsroom.com
