Bank of Ghana Clarifies MTN MoMo Authorization for Cross-Border Transfers
The Bank of Ghana clarifies that MTN Ghana is not authorized for cross-border transactions with MTN Nigeria. It has approved BrijX, a B2B currency swap platform designed to improve digital payments in the region, separate from MTN MoMo’s operations. The BrijX initiative is in its pilot phase for MTN MoMo customers, adhering to regulatory standards.
The Bank of Ghana (BoG) has announced that MTN Ghana has not received authorization to facilitate cross-border transactions with MTN Nigeria. This clarification comes as the Central Bank underlines that MobileMoney Limited, the operator of MTN MoMo, lacks the necessary license for international money transfers.
In response to recent conversations within the fintech industry, the BoG detailed that it has approved Brij Fintech Ghana to pilot BrijX, a business-to-business currency swap platform. This approval falls under the Bank’s regulatory sandbox program and aims to improve regional digital payment solutions, separate from the operations of MTN MoMo.
The BoG’s official statement noted, “Bank of Ghana has taken note of media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria. The Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions.”
BrijX serves as a digital marketplace for facilitating direct currency swaps between the Ghanaian Cedi and the Nigerian Naira. Unlike conventional foreign exchange processes, BrijX eliminates the requirement for physical fund transfers across borders by collaborating with banks and licensed payment service providers.
Currently, the BrijX pilot—initiated in February 2025—is limited to MTN MoMo customers, with future plans to incorporate G-Money users. The initiative adheres to stringent regulatory conditions, which include transaction limits, a specific number of participants, defined testing durations, and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
In summary, the Bank of Ghana has reaffirmed that MTN MoMo is not authorized to conduct cross-border transfers to Nigeria. The newly approved BrijX platform aims to enhance currency swap facilitation within the region while adhering to regulatory measures. This clarification serves to prevent misinformation regarding MTN Ghana’s operational capabilities in cross-border transactions.
Original Source: www.myjoyonline.com
