BoG Debunks Reports of MTN Ghana's Cross-Border Transaction License

Mar 20, 2025 - 19:45

Accra, Ghana - 20 March, 2025 - The Bank of Ghana (BoG) has issued a statement to clarify that MTN Ghana has not been licensed to facilitate cross-border transactions with MTN Nigeria.

This move comes after media reports suggested that MTN Ghana had received authorization to conduct such transactions.

According to the BoG, MobileMoney Limited, the operator of MTN MoMo, has not received any authorization to conduct cross-border transactions. Instead, the BoG has granted Brij Fintech Ghana, a licensed Payment Service Provider (PSP), approval to pilot BrijX, a B2B Currency Swap Platform, under its regulatory sandbox program.

BrijX is designed to enable 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, operates under strict regulatory controls, including transaction limits and full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

The bank reaffirmed its commitment to safe, efficient, and affordable cross-border payment solutions, particularly within Africa. This development comes as Ghana continues to explore innovative solutions to enhance its financial landscape.

Read the statement from the Bank of Ghana below