Bank of Ghana Declares MTN MoMo Unauthorized for Nigeria Cross-Border Transactions

The Bank of Ghana has clarified that MTN Ghana is unauthorized to conduct cross-border transactions with MTN Nigeria via MTN MoMo. In contrast, Brij Fintech Ghana has received approval to test a new B2B Currency Swap Platform, BrijX. This initiative aims to streamline currency exchanges between Ghana and Nigeria while adhering to regulatory standards.

The Bank of Ghana (BoG) has clarified that MTN Ghana lacks the necessary authorization to facilitate cross-border transactions with MTN Nigeria. The Central Bank emphasized that MobileMoney Limited, the operator of MTN MoMo, has not received any license for such activities. This clarification comes amid evolving developments within the fintech sector.

Furthermore, the BoG announced that it has granted approval to Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to test BrijX—a B2B Currency Swap Platform—under its regulatory sandbox program. This initiative aims to enhance digital payments across the region.

The BoG’s statement confirmed that despite media reports suggesting otherwise, MTN MoMo is not licensed to conduct cross-border transactions with Nigeria. BrijX, on the other hand, will allow direct currency exchanges between the Ghanaian Cedi and the Nigerian Naira, eliminating the need for foreign exchange transactions or physical fund transfers.

BrijX operates in collaboration with banks, mobile money operators, and licensed PSPs to streamline the currency exchange process. The pilot, which began live testing in February 2025, includes MTN MoMo and will soon cater to G-Money users. Regulatory controls, such as transaction limits and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards, are in place during this pilot.

Upon completion of the pilot, the BoG will evaluate the findings to ascertain the alignment of the BrijX model with Ghana’s financial regulatory framework and potential future policies. The bank has reiterated its dedication to promoting safe and efficient cross-border payment solutions within Africa while ensuring strong consumer protection measures.

In conclusion, the Bank of Ghana unequivocally states that MTN MoMo is not licensed for cross-border transactions with Nigeria. In contrast, the BrijX platform represents a regulated effort to innovate digital payments by facilitating currency swaps between Ghana and Nigeria. The pilot program is carefully regulated, ensuring compliance with financial laws, with the BoG committed to fostering safe financial landscapes and exploring advanced regulatory frameworks for enhanced services.

Original Source: citinewsroom.com