The Bank of Ghana has addressed recent media reports suggesting that MTN Ghana has been licensed to conduct cross-border transactions with Nigeria, firmly denying such claims.
In a statement released on Thursday, March 20, 2025, the Bank emphasized that MobileMoney Limited, the operators of MoMo under MTN, has not been authorized to carry out cross-border operations.
The Bank of Ghana clarified that the reports likely stem from its regulatory sandbox program, which approved the testing of BrijX—a B2B Currency Swap Platform developed by Brij Fintech Ghana, a licensed Payment Service Provider (PSP).
The BrijX platform facilitates direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without involving forex or moving funds across borders.
“As part of its sandbox programme to study emerging fintech innovations, the Bank approved Brij Fintech Ghana to conduct limited testing of BrijX”.
Bank of Ghana highlighted its focus on maintaining high standards of security and transparency.
“The Bank of Ghana has ensured the incorporation of Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection requirements”.
