Dr. Johnson Pandit Asiama, BoG Governor
The Bank of Ghana (BoG) has explained that MobileMoney Limited, the operator of MTN MoMo, has not been licensed to facilitate cross-border transactions with MTN Nigeria.
Clarifying ongoing developments in the fintech space, the BoG explained that it had granted Brij Fintech Ghana, a licensed Payment Service Provider (PSP), approval to pilot BrijX—a B2B Currency Swap Platform—under its regulatory sandbox programme.
The Bank of Ghana said in a release that while MTN MoMo is not licensed for cross-border transactions, the BrijX pilot represents a regulated initiative aimed at transforming digital payments within the region.
“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 release stated.
BrijX is designed to function as a digital marketplace, enabling direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without requiring forex transactions or physical fund transfers across borders.
The platform collaborates with banks, mobile money operators, and licensed PSPs to facilitate seamless currency exchanges.
The BoG stressed that the BrijX pilot, which commenced live testing in February 2025, involves MTN MoMo customers and will soon expand to G-Money users.
However, the pilot operates under strict regulatory controls, including, transaction limits, restrictions on the number of participating customers, a defined testing period and full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations
The BoG said it will at the conclusion of the pilot, assess the results to determine whether the BrijX model aligns with Ghana’s financial regulatory framework and potential future policies.
A Business Desk Report