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.
