Close Menu
  • Science
  • feature
  • Video
What's Hot

Albert Dwumfour re-elected GJA President with 64% of votes

July 1, 2025

BoG integrates over 40 financial institutions into cybersecurity command centre

July 1, 2025

Ghana makes headway in over $750m Afreximbank debt standoff – Deputy Finance Minister

July 1, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
Economy Times GhEconomy Times Gh
Subscribe
  • Science
  • feature
  • Video
Economy Times GhEconomy Times Gh
Home»Uncategorized»BoG cautions MTN MoMo on cross-border transactions to Nigeria
Uncategorized

BoG cautions MTN MoMo on cross-border transactions to Nigeria

AdminBy AdminMarch 25, 2025No Comments5 Views
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

 

The Bank of Ghana (BoG) has explained that MTN Ghana has not been licensed to facilitate cross-border transactions with MTN Nigeria.

The central bank categorically stated that Mobile Money Limited, the operator of MTN MoMo, has not received any authorization to conduct such transactions.

Clarifying ongoing developments in the fintech space, the BoG explained that it had granted Brij Fintech Ghana, a licensed Payment Service Provider (PSP), approval to pilot BrijX—a Business to Business Currency Swap Platform—under its regulatory sandbox program.

In a statement, the Bank of Ghana said while MTN MoMo is not licensed for cross-border transactions, the BrijX pilot represents a regulated initiative aimed at transforming 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 from MTN, has not been licensed or authorized to conduct cross-border transactions”, the release said.

BrijX is designed to function as a digital marketplace, enabling direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without requiring forex transactions or physical fund transfers across borders.

The platform collaborates with banks, mobile money operators, and licensed PSPs to facilitate seamless currency exchanges.

The BoG stressed that the BrijX pilot, which commenced live testing in February 2025, involves MTN MoMo customers and will soon expand to G-Money users.

However, 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 BoG said it will, at the conclusion of the pilot, assess the results to determine whether the BrijX model aligns with Ghana’s financial regulatory framework and potential future policies.

The bank reaffirmed its commitment to safe, efficient, and affordable cross-border payment solutions, particularly within Africa.

The BoG assured stakeholders that it will continue to explore innovative regulatory frameworks to enhance financial services while maintaining strong consumer protection measures.

 

 

 

Bank of Ghana (BoG) BrijX MTN MoMo Payment Service Provider (PSP)
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Admin

Related Posts

BoG integrates over 40 financial institutions into cybersecurity command centre

July 1, 2025

Government misses treasury bill target for fifth straight week amid investor shift to BoG bills

June 30, 2025

Cybercrime cost Africa excess of US$4bn annually

June 30, 2025
Leave A Reply Cancel Reply

Top Posts

MTN Ayo Insurance fleeces customers

October 23, 202495

Eni welcomes withdrawal of unitisation directive

February 27, 202559

Ghana’s cocoa crisis deepens, 2024 half-year revenues crash by nearly $700 million

September 16, 202452

Using IT to fight galamsey: A sustainable approach

September 16, 202449
Don't Miss
General

Albert Dwumfour re-elected GJA President with 64% of votes

By AdminJuly 1, 20252

Incumbent President of the Ghana Journalists Association (GJA), Mr Albert Dwumfour, has been re-elected to…

BoG integrates over 40 financial institutions into cybersecurity command centre

July 1, 2025

Ghana makes headway in over $750m Afreximbank debt standoff – Deputy Finance Minister

July 1, 2025

GRA to roll out new tax measures from July 1 to boost revenue

July 1, 2025
Stay In Touch
  • Facebook
  • Twitter
Facebook X (Twitter) Instagram
  • Economy
  • feature
  • Life Style
  • Science
  • Video
© 2025 Economy Times Gh.

Type above and press Enter to search. Press Esc to cancel.