MobileMoney Limited not authorized to conduct cross-border transactions — BoG

The Bank of Ghana (BoG) has dismissed media reports suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN Nigeria.

In a statement dated March 20 and signed by the bank’s Secretary, Sandra Thompson, the BoG clarified that it has not granted MobileMoney Limited authorization for such operations.

Rather, as part of its regulatory sandbox program to study emerging fintech innovations, the central bank approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to conduct a limited test of BrijX—a B2B currency swap platform.

“The platform is built to act as a digital marketplace that collaborates with banks, mobile money operators, and licensed PSPs to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders,” the statement explained.

The pilot, which was approved in 2024, began live testing in February 2025 with MoMo customers and is expected to extend to G-Money customers soon.

The BoG assured that the testing process is governed by strict measures, including transaction limits, a restricted number of customers, and a controlled testing period.

Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection requirements have also been incorporated.

“At the end of the pilot, the Bank of Ghana will review the results to determine the appropriateness of the BrijX model to inform future policy. The Bank remains committed to being responsive to stakeholder interests in safe, efficient, and affordable cross-border payments, particularly in Africa, and will continue regulatory exploration through these and other ongoing initiatives,” the statement stressed.