Bank of Ghana Denies MTN Ghana Cross-Border Transaction License

The Bank of Ghana has denied reports of MTN Ghana receiving a license for cross-border transactions with MTN Nigeria. The only authorized program is BrijX, a B2B currency swap platform. MTN MoMo remains restricted to domestic transactions. The BoG emphasizes strict regulatory controls during the pilot’s testing phase.

The Bank of Ghana (BoG) has firmly rejected claims that MTN Ghana has obtained a license to facilitate cross-border transactions with MTN Nigeria. According to a recent statement from the central bank, MobileMoney Limited, the operator of MTN MoMo, has not received authorization for international money transfers.

This announcement follows media reports that inaccurately suggested that MTN Ghana had received regulatory approval for cross-border operations. In fact, BoG clarified that the only cross-border pilot program currently under its supervision is BrijX, a Business-to-Business (B2B) currency swap platform developed by Brij Fintech Ghana, which is a licensed Payment Service Provider (PSP).

BrijX operates as part of BoG’s regulatory sandbox initiative, allowing for direct currency swaps between the Ghanaian Cedi and the Nigerian Naira. Unlike traditional international transfers, this platform eliminates the need for foreign exchange and physical fund movement across borders. The pilot program commenced live testing in February 2025, starting with MTN MoMo customers, and is expected to include G-Money users in the future.

The Bank of Ghana has assured the public that this pilot is conducted under strict regulatory controls. These include transaction limits, a select number of participants, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. The central bank intends to assess the outcomes of this trial before making any decisions on future policies.

Furthermore, the Bank of Ghana reiterated its commitment to establishing secure, efficient, and economical cross-border payment solutions within Africa. They emphasized that MTN Ghana’s MoMo services will continue to be confined to domestic transactions until further notice.

In conclusion, the Bank of Ghana has officially denied that MTN Ghana has been licensed for cross-border financial transactions. The BoG emphasized the importance of regulatory compliance and consumer protection while informing the public about the BrijX pilot program as the only authorized cross-border initiative at this time. The central bank remains dedicated to facilitating secure and efficient cross-border payments in Africa, while MTN Ghana’s MoMo is limited to domestic operations until new directives are issued.

Original Source: www.graphic.com.gh