The Bank of Ghana (BoG) has clarified that MTN Ghana’s MobileMoney Limited has not been authorised to facilitate cross-border transactions with MTN Nigeria.

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Contrary to reports suggesting otherwise, the Central Bank emphasized that no such license has been issued for international money transfers between the two subsidiaries.

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In a statement addressing developments in Ghana’s fintech sector, the BoG explained that while MTN MoMo lacks approval for cross-border transactions, another regulated initiative is being piloted under its supervision. The initiative, BrijX—a B2B Currency Swap Platform developed by Brij Fintech Ghana—has been approved for testing within the BoG’s regulatory sandbox framework.

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“Bank of Ghana has taken note of media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria. The Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions,” the statement read.

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Unlike traditional remittance services, BrijX operates as a digital marketplace, allowing direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex transactions or the physical movement of funds. The platform integrates with banks, mobile money providers, and other licensed Payment Service Providers (PSPs) to enable seamless currency exchanges.

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The BoG noted that BrijX, which commenced live testing in February 2025, initially involves MTN MoMo users and will soon be extended to G-Money customers. The pilot is subject to stringent regulatory controls, including transaction limits, restricted participation, a defined testing period, and strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

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Following the pilot phase, the BoG will evaluate BrijX’s performance to determine its compliance with Ghana’s financial regulations and its potential for wider adoption.

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Reaffirming its commitment to secure and efficient financial services, the BoG assured stakeholders that it remains dedicated to fostering innovation while maintaining strong consumer protection measures.

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