MTN MoMo Not Authorised For Cross-Border Transfers To Nigeria – BoG Cautions

The Bank of Ghana (BoG) has clarified that MTN Ghana has not been granted a licence to facilitate cross-border transactions with MTN Nigeria.

The Central Bank emphasised that MobileMoney Limited, the operator of MTN MoMo, has not received the necessary authorisation to conduct such international money transfers.

Addressing recent discussions in the fintech sector, the BoG explained that it had approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to pilot BrijX—a B2B Currency Swap Platform—under its regulatory sandbox programme.

This initiative is intended to enhance digital payment solutions within the region, but it remains distinct from MTN MoMo’s operations.

In an official statement, the Bank of Ghana dismissed claims that MTN Ghana had been licensed to carry out cross-border transactions with its Nigerian counterpart.

“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, has not been licensed or authorised to conduct cross-border transactions,” the statement read.

The BrijX platform is designed as a digital marketplace to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira. Unlike traditional foreign exchange transactions, it does not require physical fund transfers across borders.

 

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Instead, it facilitates seamless currency exchanges by working in collaboration with banks, mobile money operators, and licensed PSPs.

 

The BoG further stressed that the BrijX pilot, which commenced live testing in February 2025, is currently limited to MTN MoMo customers but is expected to extend to G-Money users in due course.

 

The initiative operates under strict regulatory controls, including transaction limits, a restricted number of participants, a defined testing period, and full adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

 

 

 

 

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