The Bank of Ghana (BoG) has refuted reports suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN Nigeria.
In a statement issued on Thursday, March 20, the central bank clarified that MobileMoney Limited — the providers of MTN’s MoMo service — has not been authorized to carry out any cross-border transactions.
The BoG explained that the confusion may have arisen from its ongoing sandbox programme, which is designed to explore emerging fintech innovations.
Under this initiative, Brij Fintech Ghana, a licensed Payment Service Provider (PSP), received approval to pilot BrijX — a B2B Currency Swap Platform aimed at facilitating direct currency swaps between the Ghanaian Cedi and the Nigerian Naira.
“The platform acts as a digital marketplace that collaborates with banks, mobile money operators, and licensed PSPs to enable direct currency swaps without the need for forex or the movement of funds across borders,” the statement noted.
The pilot project, approved in 2024, began live testing in February 2025 with MTN MoMo customers, and G-Money customers are expected to participate soon.
The BoG assured the public that the pilot is being conducted under strict conditions, including transaction limits, a controlled number of participants, and the implementation of Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
The Bank stressed that it would review the results of the pilot to determine the model’s viability before making any regulatory decisions.
This clarification followed concerns raised by the Minister for Communications and Digitalisation, Samuel Nartey George, who indicated that he received “frantic calls” from fintech players worried about reports of MTN Ghana and MTN Nigeria launching cross-border payments.
“Despite our commitment to a seamless and inclusive financial ecosystem, there are regulations for the industry. My checks with the Bank of Ghana indicate that no such licence has been issued for cross-border payments,” the Minister stated.
The BoG reaffirmed its dedication to fostering safe, efficient, and affordable cross-border payments in Africa and pledged to continue exploring regulatory frameworks to support fintech innovation while safeguarding consumer interests.
