The Financial institution of Ghana (BoG) has introduced that media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria isn’t true.
“The Financial institution hereby states that MobileMoney Restricted, suppliers of MoMo from MTN, has not been licensed or licensed to conduct cross-border transactions”, the BoG mentioned in assertion.
“As a part of its sandbox programme to review rising fintech improvements, the Financial institution accredited Brij Fintech Ghana, a licensed Fee Service Supplier (PSP), to conduct a restricted testing of BrijX – a B2B Forex Swap Platform”, it added.
It defined that the platform is constructed to behave as a digital market that collaborates with banks, cellular cash operators, and licensed PSPs to allow direct foreign money swaps between the Ghanaian Cedi and the Nigerian Naira with out the necessity for foreign exchange or motion of funds throughout borders.
The pilot, which was accredited in 2024 started stay testing in February 2025 with MoMo prospects and shortly with G-Cash prospects.
In accordance with the BoG, the testing is safely ruled by a number of restrictions together with transaction limits, limits on the variety of prospects and testing interval.
“The Financial institution has additionally ensured the incorporation of Anti-Cash Laundering (AML), Know Your Buyer (KYC) and shopper safety necessities”.
“On the finish of the pilot, Financial institution of Ghana will evaluate the outcomes to find out the appropriateness of the BrijX mannequin, to tell future coverage. The Financial institution stays dedicated to being conscious of stakeholder pursuits in protected, environment friendly and inexpensive cross-border funds significantly in Africa, and can proceed regulatory exploration via these and different on-going initiatives”, the assertion clarified .
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