Abdul Razak Issaka Ali
The Chief Commercial Operations Officer of Mobile Money Limited, Abdul Razak Issaka Ali, has urged the Bank of Ghana (BoG) to embrace rather than fear financial technology (fintech) innovations, particularly in the area of cross-border payment solutions, which he says hold enormous potential to drive financial inclusion and regional trade.
Mr. Ali expressed frustration that the country’s efforts to achieve seamless cross-border mobile money interoperability had stalled.
According to him, despite years of discussions and pilot projects, the implementation of regulatory frameworks to support such initiatives remains slow and uncertain, leaving private sector innovation “trapped in a loop of caution and bureaucracy.”
“Government should not be scared to try new innovations within reasonable limits. The sandbox framework already allows for experimentation under supervision. So let’s move a little faster,” he said.
Cross-Border Payment
Mr. Ali noted that while the government has been championing cross-border payment integration, the development of regulations to guide private sector participation has become what he described as a “cat-and-mouse journey.”
He explained that there appears to be uncertainty within the BoG over whether to move forward with cross-border mobile money solutions, largely due to perceived risks around capital flows, exchange rates, and potential misuse.
He made the remarks during a high-level panel discussion on the theme “From Exclusion to Inclusion – DPI and Inclusive Development in Africa.”
A Controlled Fintech Experiment
Mr. Ali’s comments come against the backdrop of the Bank of Ghana’s ongoing sandbox programme, which includes a pilot by Brij Fintech Ghana, a licensed Payment Service Provider (PSP).
The BrijX pilot, which began live testing in February 2025, is a Business-to-Business (B2B) currency swap platform designed to facilitate direct exchanges between the Ghanaian cedi and the Nigerian naira.
The system eliminates the need for forex markets or physical fund transfers across borders, a breakthrough that could significantly lower remittance costs and improve settlement efficiency between Ghana and Nigeria.
Approved in 2024, the pilot began with MoMo customers and is expected to expand to include G-Money users.
Safeguards to Maintain Integrity
To ensure the pilot’s safety and integrity, the BoG has set transaction and participation limits, along with a defined testing period.
The sandbox framework also incorporates Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, alongside consumer protection measures, to mitigate potential risks.
These controls, the Bank explained, are essential to understanding how innovative fintech products behave under real-world conditions before being rolled out on a national or regional scale.
However, Mr. Ali believes the existence of such safeguards should give regulators more confidence to accelerate progress rather than slow it down.
Call for Clear Regulatory Direction
Mr. Ali appealed to the BoG to provide a clear regulatory direction for cross-border mobile money transactions, especially for projects already piloted under the sandbox framework.
He stressed that uncertainty discourages private sector investment and innovation in an area where Ghana has the potential to lead the sub-region.
He added that cross-border mobile money is no longer a futuristic concept, citing examples in East Africa where regulatory innovation has enabled platforms such as M-Pesa to facilitate real-time regional transactions across Kenya, Tanzania, and Uganda.
Digital Infrastructure and Financial Inclusion
The panel discussion also explored how Digital Public Infrastructure (DPI), including digital identity, payment systems, and data-sharing frameworks, can deepen inclusion and economic participation across Africa.
Mr. Ali emphasised that for Ghana and the sub-region to fully benefit from digital public goods, regulatory flexibility and public-private collaboration must be strengthened.
A Business Desk Report