Bank of Ghana Clarifies MTN MoMo’s Lack of Cross-Border Transfer…

Bank of Ghana Clarifies MTN MoMo’s Lack of Cross-Border Transfer Authorization

Posted On: March 21, 2025
Posted By: Fatima Al-Mansoori
Comments: 0

The Bank of Ghana has confirmed that MTN Ghana is not licensed for cross-border transactions with MTN Nigeria. Instead, the Bank has authorized Brij Fintech Ghana to pilot BrijX, a B2B Currency Swap Platform to facilitate currency exchanges. The BrijX initiative is regulated to include MTN MoMo customers and is expected to expand to G-Money users in the future.

The Bank of Ghana (BoG) has declared that MTN Ghana lacks authorization to engage in cross-border transactions with MTN Nigeria. The Central Bank clarified that MobileMoney Limited, the operation behind MTN MoMo, has not acquired the necessary license for international money transfers. In response to current fintech discussions, the BoG highlighted that Brij Fintech Ghana has been approved to pilot BrijX, a B2B Currency Swap Platform, separate from MTN MoMo’s operations.

The BrijX platform aims to enhance digital payment solutions in the region by facilitating direct currency swaps between the Ghanaian Cedi and Nigerian Naira without the need for physical fund transfers. This initiative collaborates with banks, mobile money operators, and licensed Payment Service Providers (PSPs) to facilitate seamless currency exchanges.

The BoG emphasized that the BrijX pilot, which entered live testing in February 2025, currently serves MTN MoMo customers but will eventually include G-Money users. It operates under strict regulatory compliance, featuring transaction limits, restricted participant numbers, a defined testing phase, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

The Bank of Ghana has reaffirmed that MTN MoMo is not authorized for cross-border transfers to Nigeria, emphasizing the separation of MTN MoMo from the BrijX currency swap initiative. The BrijX platform facilitates currency exchanges without physical transfers and is subject to stringent regulations, ensuring compliance and security. Thus, stakeholders should remain informed about the regulatory landscape surrounding these digital financial services.

Original Source: www.myjoyonline.com

Fatima Al-Mansoori

Fatima Al-Mansoori is an insightful journalist with an extensive background in feature writing and documentary storytelling. She holds a dual Master’s degree in Media Studies and Anthropology. Starting her career in documentary production, she later transitioned to print media where her nuanced approach to writing deeply resonated with readers. Fatima’s work has addressed critical issues affecting communities worldwide, reflecting her dedication to presenting authentic narratives that engage and inform.