The Bank of Ghana (BoG) has categorically refuted claims that MTN Ghana has been granted a licence to facilitate cross-border money transfers with MTN Nigeria, contrary to widespread media reports. In an official statement, the central bank clarified that MobileMoney Limited, the company behind MTN MoMo, "has not been authorised to carry out international money transfer services."

The clarification comes in response to inaccurate media reports suggesting that MTN Ghana had secured regulatory approval to begin international remittance operations. The BoG assured the public that such interpretations are misleading and reiterated that MTN Ghana's MobileMoney platform remains authorised solely for domestic transactions.

Instead, the central bank explained that the only approved cross-border initiative currently under its regulatory oversight is BrijX, a Business-to-Business (B2B) currency exchange platform developed by Brij Fintech Ghana, a licensed Payment Service Provider (PSP). BrijX facilitates direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without involving foreign exchange markets or the physical movement of funds.

The pilot phase of the BrijX platform began in February 2025, with initial participation limited to MTN MoMo customers. The trial is expected to expand to include users of G-Money at a later stage. The Bank of Ghana assured the public that the BrijX pilot is being conducted under stringent regulatory conditions, including transaction limits, a capped number of participants, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

The central bank concluded by reaffirming its commitment to promoting secure, cost-effective, and efficient cross-border payment systems in Africa, while safeguarding the financial system through responsible innovation. The BoG will assess the outcomes of the BrijX pilot to determine future policy directions regarding cross-border transactions.

This development is significant, as it highlights the importance of regulatory oversight in the fintech sector. The BoG's stance serves as a reminder that financial institutions must adhere to strict compliance measures to ensure the integrity of the financial system. The move also underscores the need for accurate reporting and transparency in the media, particularly when it comes to sensitive financial information.

In the broader context, this news has implications for the future of cross-border payments in Africa. As the continent continues to grapple with the challenges of financial inclusion, the development of secure and efficient payment systems will play a critical role in promoting economic growth and development. The BoG's commitment to responsible innovation and regulatory oversight sets a positive precedent for other central banks and financial institutions in the region.