The Bank of Ghana announces that MTN MoMo is not licensed for cross-border transactions with Nigeria. Instead, it has granted approval for Brij Fintech Ghana’s BrijX pilot, which allows for currency swaps between the Ghanaian Cedi and the Nigerian Naira. The bank will evaluate the pilot’s success in alignment with financial regulations and consumer protection.
The Bank of Ghana (BoG) has clarified that MTN Ghana is not authorized to conduct cross-border transactions with MTN Nigeria via its MTN MoMo service. The BoG stated that MobileMoney Limited, the operator of MTN MoMo, lacks the necessary licensing for such transactions. Furthermore, the BoG has approved Brij Fintech Ghana’s pilot of BrijX, which is designed to facilitate a B2B Currency Swap Platform within its regulatory sandbox framework.
In releasing this information, the BoG noted the inaccuracy of media claims regarding MTN Ghana’s licensing for cross-border transactions with Nigeria. The bank explicitly confirmed, “MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions.” In contrast, the BrijX pilot aims to transform digital payments by enabling direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, bypassing traditional forex transactions.
BrijX collaborates with banks and licensed Payment Service Providers to streamline currency exchanges. The pilot program, which began live testing in February 2025, will soon expand to include G-Money users alongside MTN MoMo customers. It is governed by strict regulations including transaction limits, participant restrictions, and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
Upon completion of the pilot, the BoG will evaluate its outcomes to see how well the BrijX model conforms to Ghana’s financial regulations and its suitability for potential future policies. The bank remains committed to fostering secure, efficient, and affordable cross-border payment solutions throughout Africa, ensuring robust consumer protection while exploring innovative regulatory strategies.
In conclusion, the Bank of Ghana has made it clear that MTN MoMo is not sanctioned for cross-border transactions with Nigeria. Instead, the BoG is supporting the BrijX pilot initiative, which aims to enhance digital payment methods through regulated currency swaps. This undertaking will be closely monitored for its compliance with financial regulations as the bank continues to prioritize safe and effective payment solutions within the continent.
Original Source: citinewsroom.com
