The Bank of Ghana (BoG) has categorically dismissed reports suggesting that it has granted MTN Ghana a license to facilitate cross-border transactions with MTN Nigeria.
In an official statement, the central bank clarified that MobileMoney Limited, the entity behind MTN MoMo services, has not been authorized to conduct such international financial activities.
Regulatory Sandbox Initiative: The BrijX Pilot Programme
The BoG elaborated that the perceived cross-border transaction capability arises from a pilot program operating under its regulatory sandbox framework. This initiative is being conducted by Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to test BrijX, a business-to-business (B2B) currency swap platform.
Launched in February 2025, the pilot initially targeted MTN MoMo customers and is set to expand to include users of G-Money, the mobile money service provided by Ghana’s GCB Bank.
How BrijX Works: A Digital Marketplace for Currency Swaps
The BrijX platform serves as a digital marketplace where banks, mobile money operators, and licensed PSPs collaborate to enable seamless currency swaps between the Ghanaian Cedi and the Nigerian Naira. Unlike traditional cross-border transactions, this model does not involve the physical movement of funds or foreign exchange transactions.
“The platform is designed to act as a digital marketplace that facilitates direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, eliminating the need for forex transactions or fund transfers across borders,” BoG clarified.
The central bank emphasized that the pilot phase operates under strict regulatory controls, including,
Transaction Limits: Controlled parameters to minimize financial risk.
Restricted Participation: Limited customer involvement during the testing phase.
Defined Testing Period: A structured timeline for evaluation and refinement.
Additionally, the pilot incorporates critical security and compliance safeguards, including, Anti-Money Laundering (AML) Measures to prevent financial crimes, Know Your Customer (KYC) Protocols ensuring regulatory compliance, and Consumer Protection Frameworks to safeguard user interests.
Future Prospects: Evaluating BrijX for Market Integration
Upon completion of the pilot program, the Bank of Ghana will conduct a comprehensive assessment to determine the viability of the BrijX model. This evaluation will guide decisions on its potential integration into Ghana’s broader financial ecosystem.
