The Bank of Ghana has denied MTN Ghana’s licensing for cross-border transactions, clarifying that MobileMoney Limited has not been authorized for international money transfers. The only active pilot is BrijX, a B2B currency swap platform between Ghana and Nigeria. This initiative is strictly regulated, and MTN MoMo remains limited to domestic operations.
The Bank of Ghana (BoG) has officially denied that MTN Ghana has been granted a license to facilitate cross-border transactions with MTN Nigeria. The central bank clarified that MobileMoney Limited, which operates MTN MoMo, has not received any authorization for international money transfers. This statement was issued in response to misleading media reports suggesting otherwise.
BoG further explained that the only active pilot for cross-border transactions under its supervision is BrijX, a Business-to-Business (B2B) currency swap platform developed by Brij Fintech Ghana, licensed as a Payment Service Provider (PSP). BrijX enables direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira without requiring foreign exchange or the physical transfer of funds across borders, distinguishing it from traditional international transactions.
This pilot program, which began live testing in February 2025, initially included MTN MoMo users and is expected to eventually involve users of G-Money. The Bank of Ghana has assured the public that the initiative is subject to rigorous regulatory controls, including transaction limits and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The results of this trial will determine future policy directions.
The Bank of Ghana has reiterated its commitment to providing secure, efficient, and affordable cross-border payment solutions within Africa. For now, however, it emphasized that MTN Ghana’s MoMo service is limited strictly to domestic transactions until further notice.
In summary, the Bank of Ghana has clarified that MTN Ghana is not authorized to engage in cross-border transactions with MTN Nigeria. The only cross-border initiative underway is the BrijX platform, which focuses on direct currency swaps between Ghana and Nigeria. The BoG is committed to secure and efficient payment solutions but has restricted MTN MoMo to domestic transactions for the time being.
Original Source: www.graphic.com.gh
