The Bank of Ghana has clarified that MTN Ghana has not been licensed to conduct cross-border transactions with MTN in Nigeria, contrary to recent media reports.
A statement signed and issued in Accra on Thursday, March 20, 2025, by the Secretary to the Central Bank, Ms Sandra Thompson, explained that MobileMoney Limited, the provider of MoMo services from MTN, has not received authorisation to facilitate such transactions.
Regulatory
However, the statement indicated that as part of its regulatory sandbox programme, the Bank of Ghana has approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to pilot BrijX, a B2B Currency Swap Platform. This platform it added, enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders.
Pilot
The pilot programme, which began live testing in February 2025, is subject to several restrictions, including transaction limits, customer limits, and a testing period. The Bank has ensured that the platform incorporates Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection requirements.
Review
Upon completion of the pilot, the Bank of Ghana will review the results to determine the feasibility of the BrijX model and inform future policy. According to the statement, the Central Bank remains committed to exploring innovative solutions for safe, efficient, and affordable cross-border payments in Africa.
