Bank of Ghana Clarifies MTN MoMo’s Licensing Status for Cross-Border Transactions
The Bank of Ghana confirmed that MTN MoMo is unauthorized for cross-border transactions with Nigeria. In contrast, Brij Fintech Ghana has been granted approval to pilot BrijX, a new platform for direct currency swaps. The initiative is aimed at enhancing digital payments while adhering to strict regulatory controls.
The Bank of Ghana (BoG) has clarified that MTN Ghana lacks the necessary licensing to facilitate cross-border financial transactions with MTN Nigeria. The Central Bank emphasized that MobileMoney Limited, which operates MTN MoMo, has not been authorized for such activities, addressing misinformation in media reports about the licensing status.
In the context of fintech developments, BoG has licensed Brij Fintech Ghana as a Payment Service Provider (PSP) to pilot BrijX, a B2B Currency Swap Platform, within its regulatory sandbox initiative. This program is part of broader efforts to enhance digital payment mechanisms in the region.
BrijX enables direct currency exchanges between the Ghanaian Cedi and Nigerian Naira without traditional forex transactions, collaborating with banks and licensed PSPs. Although MTN MoMo users are involved in the pilot, which commenced testing in February 2025, the initiative adheres to strict regulatory constraints, including transaction limits and compliance with AML and KYC regulations.
At the conclusion of the pilot, BoG will evaluate the outcomes to ascertain BrijX’s alignment with Ghana’s regulatory framework and future policies. The Bank remains dedicated to promoting safe and cost-effective cross-border payment solutions, particularly in Africa, and will pursue innovative regulatory options to enhance financial services while ensuring consumer protections.
The Bank of Ghana has firmly stated that MTN MoMo is not licensed for cross-border transactions with Nigeria. In contrast, the new BrijX initiative represents a regulated effort to innovate digital payments. BoG’s commitment to ensuring safe financial practices and assessing new platforms underscores the evolving landscape of fintech in the region.
Original Source: citinewsroom.com
