Bank of Ghana Denies Licensing MTN Ghana for Cross-Border Transactions
The Bank of Ghana (BoG) has dismissed media reports suggesting that MTN Ghana has been granted a license to conduct cross-border transactions with MTN Nigeria.
In a statement, the central bank emphasized that MobileMoney Limited, the provider of MTN MoMo, has not been licensed or authorized to facilitate such transactions.
BoG clarified that the reported cross-border transaction capability stems from a pilot program under its regulatory sandbox initiative. The program allows Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to test BrijX—a B2B currency swap platform.
The platform functions as a digital marketplace, enabling direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the movement of funds across borders or reliance on foreign exchange.
The pilot, which commenced in February 2025, initially involved MTN MoMo customers and will soon extend to G-Money users.
The central bank highlighted that the testing phase is being conducted under strict regulatory controls, including transaction limits, restricted customer participation, and a defined testing period.
Additionally, it incorporates key safeguards such as Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection measures.
At the conclusion of the pilot, BoG says it will assess the results to determine the viability of the BrijX model and its potential integration into Ghana’s financial ecosystem.
The central bank reaffirmed its commitment to promoting secure, efficient, and affordable cross-border payments in Africa while continuing regulatory exploration through controlled innovation.
