The Bank of Ghana has issued a statement to clarify recent media reports surrounding MTN Ghana’s cross-border transaction capabilities. Contrary to reports, MobileMoney Limited, the provider of MTN’s MoMo service, has not been licensed or authorized to conduct cross-border transactions with MTN in Nigeria.
Instead, the Bank of Ghana has approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to pilot a digital currency swap platform called BriX. This platform enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, eliminating the need for forex or cross-border fund transfers.
The BriX pilot, which began live testing in February 2025, is part of the Bank of Ghana’s regulatory sandbox program. This program aims to explore innovative fintech solutions that address the challenges of cross-border transactions. The pilot is carefully governed by restrictions, including transaction limits, customer limits, and testing periods, to ensure safety and compliance with Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection requirements .
At the conclusion of the pilot, the Bank of Ghana will review the results to determine the viability of the Brij model and inform future policy decisions. The Bank remains committed to promoting safe, efficient, and affordable cross-border payments in Africa, and will continue to explore regulatory initiatives to achieve this goal.
Ruth Abla ADJORLOLO
