The Bank of Ghana announced that MTN MoMo is not licensed for cross-border transactions with Nigeria. Instead, it has approved Brij Fintech Ghana for a pilot program of BrijX, a B2B Currency Swap Platform, which allows direct currency swaps between the Ghanaian Cedi and the Nigerian Naira under strict regulations. The pilot includes MTN MoMo users and will expand to G-Money users in the future.
The Bank of Ghana (BoG) has clarified that MTN MoMo, operated by MobileMoney Limited, is not licensed for cross-border transactions with MTN Nigeria. The Central Bank emphasized that no authorization has been granted for such activities. Furthermore, the BoG mentioned its recent approval of Brij Fintech Ghana as a licensed Payment Service Provider (PSP) to pilot BrijX—a B2B Currency Swap Platform under its regulatory sandbox program.
The BoG stressed the importance of this regulatory milestone, asserting that while MTN MoMo is not approved for cross-border transactions, the BrijX initiative aims to enhance digital payments in 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… has not been licensed or authorised to conduct cross-border transactions,” the bank stated.
BrijX will serve as a digital marketplace facilitating direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, bypassing forex transactions. This platform will collaborate with banks, mobile money operators, and licensed PSPs to streamline currency exchanges. The pilot, which began live testing in February 2025, currently includes MTN MoMo users and is set to expand to G-Money customers.
The pilot program is under strict regulatory oversight, entailing limits on transactions, restrictions on customer participation, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Following the pilot’s conclusion, the BoG will evaluate the results to ensure alignment with Ghana’s financial regulations and possible future policies.
The Bank of Ghana reaffirmed its dedication to secure and affordable cross-border payment solutions within Africa and committed to exploring innovative regulatory frameworks while prioritizing consumer protection in financial services.
In summary, the Bank of Ghana has clarified that MTN MoMo is not authorized for cross-border transactions with Nigeria, emphasizing the importance of regulatory compliance. The introduction of the BrijX platform aligns with the bank’s goals to facilitate safe digital transactions. The pilot program is under strict oversight, and the BoG is keen to assess its efficacy for future use in cross-border payments.
Original Source: citinewsroom.com
