Minister for Communications, Digital Technology, and Innovations, Sam George, has clarified that the Bank of Ghana has not granted any license for cross-border payments between MTN Ghana and MTN Nigeria.

Recent reports suggested that the two telecom companies were rolling out cross-border payment services, triggering mixed reactions, particularly from fintech industry players.

Concerns were raised about the potential impact on Ghana’s financial technology landscape.

Addressing the issue in a social media post, he stated, “I have received several frantic calls from players in Ghana’s fintech ecosystem deeply worried about a statement circulating today that MTN Ghana and MTN Nigeria have commenced 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."

He assured that the Ministry for Digital Technology would collaborate with relevant stakeholders to create a supportive environment for investment, technological advancement, and high-quality financial services.

"We would work with all stakeholders as the Ministry for Digital Technology to ensure a favourable ecosystem that protects investments, supports innovation and offers the best products to our citizens," he affirmed.

As Ghana’s fintech sector continues to evolve, the government remains focused on ensuring that all developments align with national financial policies and regulatory standards.

The Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana. Such violations are punishable by summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both. The sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.