The Bank of Ghana says it has not granted license to MTN Ghana to conduct cross-border transactions with MTN in Nigeria.
“The Bank hereby states that Mobile Money Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions,” the BoG said in a statement it issued at the weekend.
The statement signed by its Secretary, Ms Sandra Thompson, revealed that as part of its sandbox programme to study emerging fintech innovations, the Bank approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to conduct a limited testing of BrijX – a B2B Currency Swap Platform.
It explained that the platform was built to act as a digital marketplace that collaborated with banks, mobile money operators, and licensed PSPs to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders.
“The pilot, which was approved in 2024 began live testing in February 2025 with MoMo customers and soon with G-Money customers. The testing is safely governed by several restrictions, including transaction limits, limits on the number of customers and testing period,” the statement disclosed.
“The Bank had also ensured the incorporation of Anti-Money Laundering (AML), Know Your Customer (KYC) and consumer protection requirements. At the end of the pilot, Bank of Ghana will review the results to determine the appropriateness of the BrijX model, to inform future policy,” it added.
The statement further indicated that the BoG was committed to be to a safe, efficient and affordable cross-border payments particularly in Africa, and would continue regulatory exploration through these and other on-going initiatives.
