The Bank of Ghana (BoG) has dismissed reports suggesting that MTN Ghana has been licensed to facilitate cross-border transactions with MTN Nigeria, clarifying that MobileMoney Limited (MTN MoMo) has no such authorization.
In an official statement, the BoG emphasized that MTN MoMo is not permitted to conduct international money transfers. Instead, the BrijX platform, developed by Brij Fintech Ghana, is undergoing a pilot phase under the BoG’s regulatory sandbox program as part of efforts to innovate digital payments within the region.
According to the central bank, BrijX is a business-to-business (B2B) currency swap platform, enabling direct exchange between the Ghanaian Cedi and the Nigerian Naira without traditional forex transactions or physical fund transfers. The platform integrates with banks, mobile money operators, and licensed payment service providers (PSPs) to enhance currency exchange efficiency.
The BoG noted that the pilot program, which began in February 2025, initially includes MTN MoMo customers and will soon extend to G-Money users. The pilot is highly regulated, with strict transaction limits, a controlled number of participants, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
At the end of the pilot, the BoG will assess its effectiveness and compliance with Ghana’s financial regulatory framework before making a decision on future policies regarding cross-border payments.
Reaffirming its commitment to safe and efficient financial innovation, the Bank of Ghana assured stakeholders that it would continue to develop secure and affordable cross-border payment solutions while prioritizing consumer protection.
