Bank of Ghana Denies MTN Ghana’s License for Cross-Border Transactions

The Bank of Ghana has denied reports that MTN Ghana is licensed for cross-border transactions with MTN Nigeria, asserting that MobileMoney Limited has not received the necessary authorization. The only current pilot project is BrijX, which facilitates currency swaps between the Ghanaian Cedi and the Nigerian Naira, under strict regulations. MTN Ghana’s MoMo service remains limited to domestic transactions for the time being.

The Bank of Ghana has officially refuted claims that it has granted MTN Ghana a license for cross-border transactions with MTN Nigeria. In its statement, the central bank emphasized that MobileMoney Limited, which operates MTN MoMo, has not received approval for international money transfers, despite media reports suggesting otherwise.

The BoG clarified that the sole cross-border transaction initiative currently operating under its oversight is BrijX, a Business-to-Business currency swap platform created by Brij Fintech Ghana, a licensed Payment Service Provider. This service enables direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira.

BrijX, launched as part of BoG’s regulatory sandbox, began live testing in February 2025, initially with MTN MoMo customers, with a plan to later include users of G-Money. This platform operates without the need for foreign exchange or the physical movement of funds.

The Bank of Ghana assured that the pilot program is governed by stringent regulatory controls, including transaction limits, a limited number of participants, and adherence to Anti-Money Laundering and Know Your Customer regulations. The central bank will assess the pilot results before establishing any further policy.

Furthermore, the Bank of Ghana reaffirmed its dedication to facilitating secure and efficient cross-border payment systems in Africa, stating that MTN Ghana’s MoMo will remain restricted to domestic transactions until further developments occur.

In conclusion, the Bank of Ghana has clearly denied that MTN Ghana has been licensed for cross-border transactions, clarifying that MobileMoney Limited is not authorized for international money transfers. The only current pilot project sanctioned is BrijX, which enables currency swaps while emphasizing regulatory compliance. The central bank is committed to ensuring secure payment systems in Africa and keeping MTN Ghana’s services domestic for now.

Original Source: www.graphic.com.gh