MoMo agent serving a customer
The Bank of Ghana has categorically stated that Mobile Money Limited, providers of MoMo under the telecommunications giant, MTN, has not been authorized to conduct cross-border transactions.
In a press release sighted by GhanaWeb Business, the Central Bank clarified that while MTN MoMo is not licensed for cross-border transactions, the BrijX pilot is a regulated initiative aimed at revolutionizing digital payments within the region.
“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 Mobile Money Limited, providers of MoMo under MTN, has not been licensed or authorized to conduct cross-border transactions,” part of the release read.
The Bank of Ghana said it had granted Brij Fintech Ghana, a licensed Payment Service Provider, approval to pilot BrijX, a B2B Currency Swap Platform, under its regulatory sandbox program.
The platform is designed as a digital marketplace that works in collaboration 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 physical movement of funds across borders.
The pilot, which received approval in 2024, commenced live testing in February 2025 with MoMo customers and will soon extend to G-Money customers.
The Central Bank stated that the pilot operates under strict regulatory controls, including transaction limits, restrictions on the number of participating customers, a defined testing period, and full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
The Bank of Ghana assured stakeholders of its commitment to exploring innovative regulatory frameworks to enhance financial services while maintaining robust consumer protection measures.
SA/MA
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