Bank of Ghana Clarifies MTN MoMo’s Status on Cross-Border Transfers to Nigeria

The Bank of Ghana has declared that MTN Ghana is not authorized for cross-border transactions with MTN Nigeria. The approval for facilitating currency exchanges has been granted to Brij Fintech through the BrijX platform, which is designed for seamless currency swaps under strict regulatory oversight. The pilot phase began in February 2025 and is currently available only to MTN MoMo customers.

The Bank of Ghana (BoG) has clarified that MTN Ghana does not hold a license for cross-border transactions with MTN Nigeria. The Central Bank informed that MobileMoney Limited, the operator of MTN MoMo, lacks the necessary authorisation to engage in such international money transfers. The clarification follows discussions within the fintech sector regarding cross-border operations.

The Bank has approved Brij Fintech Ghana to pilot a B2B Currency Swap Platform, known as BrijX, under its regulatory sandbox program. This initiative aims to bolster digital payment solutions in the region and is separate from MTN MoMo’s functions. The Bank emphasized that claims suggesting MTN Ghana’s licensing for cross-border transactions with Nigeria are incorrect.

The BrijX platform functions as a digital marketplace for direct exchanges between the Ghanaian Cedi and the Nigerian Naira, without the necessity of physical funds being transferred internationally. It collaborates with banks, mobile money operators, and licensed payment service providers to facilitate currency swaps.

Currently, the BrijX pilot is limited to MTN MoMo customers, and there are plans for future inclusion of G-Money users. The initiative adheres to strict regulatory controls that include transaction limits and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The live testing of the BrijX platform began in February 2025.

In summary, the Bank of Ghana has made it clear that MTN Ghana is not authorized to conduct cross-border money transfers with MTN Nigeria, addressing misconceptions in the fintech community. It has instead approved the BrijX platform to facilitate currency swaps in compliance with regulatory standards. There is an emphasis on the importance of regulatory controls and adherence to financial regulations within this digital financial initiative.

Original Source: www.myjoyonline.com