Bank of Ghana denies licensing MTN Ghana for cross-border transactions

The Bank of Ghana (BoG) has dismissed reports suggesting that MTN Ghana has been granted a license to facilitate cross-border transactions with MTN Nigeria. 

In a statement, the central bank made it clear that MobileMoney Limited, the provider of MTN MoMo, has not been authorized to conduct international money transfers.

The clarification follows widespread media reports that incorrectly implied MTN Ghana had secured regulatory approval for such operations. 

However, the BoG explained that the only cross-border transaction pilot currently under its supervision is BrijX, a Business-to-Business (B2B) currency swap platform developed by Brij Fintech Ghana, a licensed Payment Service Provider (PSP).

BrijX, which is part of BoG’s regulatory sandbox initiative, enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira. 

Unlike conventional international transfers, this platform does not require forex or the physical movement of funds across borders. The pilot began live testing in February 2025, initially with MTN MoMo customers and later expected to include G-Money users.

BoG assured the public that the pilot is being conducted under strict regulatory controls, including transaction limits, a restricted number of participants, and compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. The central bank will evaluate the results of the trial before determining any policy direction.

The Bank of Ghana reaffirmed its commitment to ensuring secure, efficient, and affordable cross-border payments in Africa, emphasizing that MTN Ghana’s MoMo remains limited to domestic transactions until further notice.