The Bank of Ghana (BoG) has clarified recent media reports suggesting that MTN Ghana has been licensed to conduct cross-border transactions with its Nigerian counterpart.
stating that MobileMoney Limited, operators of MTN MoMo, has not been authorised or licensed to carry out any cross-border transactions.
In an official statement released on Wednesday, the central bank explained that what is currently being piloted is BrijX, a B2B Currency Swap Platform developed by Brij Fintech Ghana, under the BoG Regulatory Sandbox framework.
According to the BoG, BrijX is a fintech innovation designed to act as a digital marketplace, facilitating direct currency swaps between the Ghanaian Cedi and Nigerian Naira without involving foreign exchange or physical movement of funds across borders.
The platform collaborates with banks, mobile money operators, and other licensed Payment Service Providers (PSPs).
The pilot, approved in 2024, commenced live testing in February 2025, initially involving MTN MoMo customers, with G-Money customers expected to be included soon.
The central bank emphasised that the testing is strictly controlled, with measures such as transaction limits; limited number of participants; a defined testing period; full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards; consumer protection safeguards.
At the end of the pilot phase, BoG will assess the platform’s performance and determine its viability in the context of Ghana’s broader financial ecosystem and cross-border payment strategies.
The Regulatory Sandbox is a key component of BoG’s strategy to support fintech development and financial inclusion, offering a controlled environment for emerging innovations to be tested and assessed without posing systemic risks.
This clarification comes at a time when digital finance and cross-border payment solutions are gaining momentum across Africa, with efforts such as the Pan-African Payment and Settlement System (PAPSS) and the AfCFTA aiming to boost intra-African trade and financial integration.
The Bank of Ghana urges the public to rely on official communications and avoid misinformation regarding fintech approvals and cross-border transaction policies.
