The Bank of Ghana (BoG) has refuted media reports suggesting that MTN Ghana has been granted a license to conduct cross-border transactions with its Nigerian counterpart.
In an official statement released on March 20, 2025, the central bank clarified that MobileMoney Limited, the provider of MTN’s MoMo service, has not been authorized to facilitate cross-border payments.
However, the BoG has approved a pilot initiative under its regulatory sandbox to explore emerging financial technology (fintech) solutions.
As part of this initiative, Brij Fintech Ghana, a licensed Payment Service Provider (PSP), has been permitted to conduct limited testing of BrijX, a B2B currency swap platform.
BrijX is designed as a digital marketplace that enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without requiring foreign exchange (forex) transactions or the physical transfer of funds across borders.
The platform operates in collaboration with banks, mobile money operators, and other licensed PSPs.
The pilot phase, which was approved in 2024, commenced live testing in February 2025 with MoMo customers and is expected to expand soon to include G-Money users.
The trial is being conducted under strict regulatory oversight, incorporating several safeguards, including transaction limits, restrictions on the number of customers involved, and a controlled testing period.
To ensure compliance with financial regulations, the BoG has mandated the integration of Anti-Money Laundering (AML) measures, Know Your Customer (KYC) protocols, and consumer protection frameworks into the platform.
At the end of the pilot phase, the BoG will assess the results of the BrijX model to determine its feasibility and potential policy implications.
The central bank reaffirmed its commitment to promoting safe, efficient, and affordable cross-border payment solutions, particularly within Africa, through regulatory innovations and fintech partnerships.
The BoG emphasized its dedication to supporting stakeholder interests in the financial ecosystem while maintaining stringent oversight to ensure the security and integrity of digital payment solutions.
Source: www.kumasimail.com
