The Bank of Ghana has denied licensing MTN Ghana for cross-border transactions, clarifying that MobileMoney Limited has no authorization for international money transfers. The only approved initiative for cross-border transactions is the BrijX platform, developed by Brij Fintech Ghana.
The Bank of Ghana has officially denied claims that MTN Ghana has received authorization for cross-border transactions with MTN Nigeria. The central bank emphasized in its statement that MobileMoney Limited, which operates MTN MoMo, has not been granted a license for international money transfers.
This clarification comes in response to various media reports suggesting MTN Ghana had received the necessary regulatory approval for such transactions. The Bank of Ghana confirmed that the only initiative currently authorized for cross-border transactions is BrijX, a B2B currency swap platform created by Brij Fintech Ghana, a registered Payment Service Provider.
BrijX operates under the regulatory sandbox program of the Bank of Ghana and allows direct swaps between the Ghanaian Cedi and the Nigerian Naira. This service is distinct from traditional international transfers as it does not involve the exchange of foreign currency or the physical movement of funds between countries. Live testing commenced in February 2025, starting with MTN MoMo customers, with plans to include G-Money users later.
The Bank of Ghana assured stakeholders that the pilot is overseen by stringent regulatory measures, including transaction limits and a select number of participants. Compliance with Anti-Money Laundering and Know Your Customer protocols is also a requirement. The central bank intends to assess the pilot’s outcomes before forming any policy conclusions.
In reaffirming its commitment, the Bank of Ghana underscored its dedication to ensuring secure, efficient, and economical cross-border payment systems within Africa. Until further notice, MTN Ghana’s MoMo service remains restricted to domestic transactions only.
In conclusion, the Bank of Ghana has clarified that MTN Ghana has not been licensed for cross-border transactions with MTN Nigeria. The only cross-border pilot authorized is the BrijX platform, focusing on direct currency swaps, which is under strict regulatory control. The Bank remains committed to enhancing secure cross-border payment systems in Africa while ensuring MTN MoMo is limited to domestic use for the time being.
Original Source: www.graphic.com.gh
