The Bank of Ghana announced that MTN Ghana is not authorized for cross-border transactions with Nigeria. It affirmed that MobileMoney Limited lacks the necessary license for such transfers. The BoG introduced the BrijX platform aimed at enhancing digital payments, distinct from MTN MoMo services, ensuring compliance with regulations.
The Bank of Ghana (BoG) has clarified that MTN Ghana does not possess authorization for cross-border transactions with MTN Nigeria. This decision underscores that MobileMoney Limited, the operator of MTN MoMo, has not been given the requisite license to facilitate such international money transfers.
In light of discussions within the fintech sector, the BoG highlighted its approval of Brij Fintech Ghana, which is a licensed Payment Service Provider (PSP). Brij Fintech has been granted permission to pilot BrijX, a B2B Currency Swap Platform that operates under the regulatory sandbox program, aimed at improving digital payment solutions within the region, separate from MTN MoMo’s services.
The official statement from the BoG dismissed any rumors regarding MTN Ghana’s licensing for cross-border transactions with Nigeria. The statement explicitly 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 BrijX platform serves as a digital marketplace facilitating direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira without requiring physical fund transfers. It operates in collaboration with various banking institutions, mobile money operators, and licensed PSPs, ensuring seamless currency exchanges.
Additionally, the BoG mentioned that the BrijX pilot commenced live testing in February 2025 and is initially available only to MTN MoMo customers, with plans to expand to G-Money users in the future. This initiative adheres to rigorous regulatory controls which include transaction limits, a select number of participants, a designated testing timeframe, and strict compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
In conclusion, the Bank of Ghana has emphasized that MTN Ghana lacks authorization for cross-border transfers to Nigeria, affirming the regulatory framework surrounding mobile transactions. The introduction of the BrijX platform highlights innovative approaches in the region’s digital payment solutions, distinct from MTN MoMo’s operations. Regulatory compliance remains a priority as these initiatives develop.
Original Source: www.myjoyonline.com
