The Bank of Ghana has denied rumors of MTN Ghana receiving a license for cross-border transactions with MTN Nigeria. The only approved pilot is BrijX, a B2B currency swap platform managed by Brij Fintech Ghana. BoG will evaluate the pilot under strict regulations before considering future policies, maintaining that MTN MoMo is limited to domestic transactions.
The Bank of Ghana (BoG) has unequivocally rejected claims that MTN Ghana has received a license to engage in cross-border transactions with MTN Nigeria. In a recent statement, the central bank clarified that MobileMoney Limited, which operates MTN MoMo, has not been authorized to perform international money transfers. This clarification comes in response to inaccurate media reports suggesting that MTN Ghana had received regulatory approval for such activities.
The BoG specified that the only pilot for cross-border transactions currently under its oversight is BrijX, a Business-to-Business (B2B) currency swap platform developed by Brij Fintech Ghana, a licensed Payment Service Provider (PSP). BrijX, which operates under the BoG’s regulatory sandbox initiative, facilitates direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira without requiring traditional international transfer mechanisms. Live testing for this pilot commenced in February 2025, initially involving MTN MoMo customers, with plans to include G-Money users subsequently.
BoG assured the public that the pilot will adhere to strict regulatory protocols, including transaction caps, a limited number of participants, and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The Bank will thoroughly assess the outcomes of this trial before considering any further policy measures. Additionally, the Bank of Ghana emphasized its commitment to secure and efficient cross-border payment systems in Africa, reiterating that MTN Ghana’s MoMo service will continue to be restricted to domestic transactions until further announcements are made.
The Bank of Ghana’s clear stance regarding MTN Ghana’s absence of a license for cross-border transactions underlines its commitment to regulatory oversight. By highlighting the BrijX pilot program as the only sanctioned cross-border initiative, the BoG aims to maintain integrity in the financial system. The emphasis on strict regulatory measures for the pilot indicates a cautious approach towards the evolution of cross-border payment solutions in the region, reaffirming that MTN MoMo remains a domestic service for the time being.
Original Source: www.graphic.com.gh
