The Bank of Ghana clarified that MTN Ghana is not licensed for cross-border transfers with MTN Nigeria. Instead, Brij Fintech Ghana is piloting the BrijX platform for B2B currency swaps. The initiative adheres to strict regulatory controls, and the BoG has issued statements to dispel inaccuracies regarding MTN MoMo’s authorization for such transactions.
The Bank of Ghana (BoG) has issued a statement clarifying that MTN Ghana lacks a license to facilitate cross-border transactions with MTN Nigeria. The central bank explicitly noted that MobileMoney Limited, the operator of MTN MoMo, has not been authorized to conduct such international transfers. Furthermore, the BoG emphasized the distinction between its approved BrijX initiative and MTN MoMo’s operations regarding digital payment solutions within the region.
In the fintech landscape, the BoG confirmed that it has authorized Brij Fintech Ghana, a licensed Payment Service Provider, to pilot BrijX. This platform, designed for B2B currency swaps between the Ghanaian Cedi and the Nigerian Naira, is intended to enhance digital payments without necessitating physical fund movements across borders. This innovative approach involves collaboration among banks, mobile money operators, and licensed PSPs.
The BoG has made it clear that reports suggesting MTN Ghana’s licensing for cross-border transactions with Nigeria are false. Their official statement highlighted, “the Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions.”
Currently, the BrijX pilot program is limited to MTN MoMo customers, initiated in February 2025, with future plans to include G-Money users. The endeavor operates under strict regulatory guidelines, encompassing transaction limits, a select number of participants, a defined testing duration, and rigorous adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
In conclusion, the Bank of Ghana has affirmed that MTN MoMo is not authorized for cross-border transactions to Nigeria, dispelling any misconceptions regarding its licensing. Meanwhile, the introduction of the BrijX platform marks an innovative step towards regional digital payment enhancement, emphasizing regulations and compliance within the financial sector.
Original Source: www.myjoyonline.com
