The Bank of Ghana (BoG) has advised the Ghanaian public that providers of Momo from MTN have not been licensed or authorised to operate to conduct cross-border transactions.
The Central Bank, in its statement, categorically stated that MobileMoney Limited, the operator of MTN MoMo, has not received any authorisation to conduct such transactions.
It explained that it had granted Brij Fintech Ghana, a licensed Payment Service Provider (PSP), approval to pilot BrijX—a B2B Currency Swap Platform—under its regulatory sandbox program.
According to the BoG, while MTN MoMo is not licensed for cross-border transactions, the BrijX pilot represents a regulated initiative aimed at transforming digital payments within the region.
BrijX is designed to function as a digital marketplace, enabling 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, in its statement, said, “Bank of Ghana has taken note of media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria. The bank hereby states that MobileMoney Limited, providers of MoMo from MTN, have not been licensed or authorised to conduct cross-border transactions,” the release said.
By: Rainbowradioonline.com/Ghana
