The Bank has submitted that Mobile Money Limited, providers of MoMo from MTN, has not been licensed or authorized to conduct cross-border transactions, meanwhile, “The Bank remains committed to being responsive to stakeholder interests in safe, efficient and affordable cross-border payments particularly in Africa, and will continue regulatory exploration through these and other on-going initiatives”.
Below is an unedited notice issued by the Central Bank dated 20th March 2025:
BANK OF GHANA NOTICE NO. BG/GOV/SEC/2025/07 PILOT OF BRIJX BY BRIJ FINTECH GHANA IN THE BANK OF GHANA REGULATORY SANDBOX
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 Mobile Money Limited, providers of MoMo from MTN, has not been licensed or authorized to conduct cross-border transactions. As part of its sandbox programme to study emerging fintech innovations, the Bank approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to conduct a limited testing of BrijX – a B2B Currency Swap Platform.
The platform is built to act as a digital marketplace that collaborates with banks, mobile money operators, and licensed PSPs to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders. The pilot, which was approved in 2024 began live testing in February 2025 with MoMo customers and soon with G-Money customers.
The testing is safely governed by several restrictions including transaction limits, limits on the number of customers and testing period. The Bank has also ensured the incorporation of Anti-Money Laundering (AML), Know Your Customer (KYC) and consumer protection requirements.
At the end of the pilot, Bank of Ghana will review the results to determine the appropriateness of the BrijX model, to inform future policy.
The Bank remains committed to being responsive to stakeholder interests in safe, efficient, and affordable cross-border payments particularly in Africa, and will continue regulatory exploration through these and other on-going initiatives.
(SGD.)
SANDRA THOMPSON (MS.)
THE SECRETARY 20TH MARCH 2025
