MTN faces major hurdle as Ghana’s Central Bank counters licence offer

In an official statement, the central bank clarified that MobileMoney Limited—the company behind MTN MoMo “has not been authorised to carry out international money transfer services.”

The clarification comes in response to widespread but inaccurate media reports which suggested that MTN Ghana had secured regulatory approval to begin international remittance operations. According to the BoG, such interpretations are misleading.

Instead, the central bank explained that the only approved cross-border initiative currently under its regulatory oversight is BrijX, a Business-to-Business (B2B) currency exchange platform developed by Brij Fintech Ghana, a licensed Payment Service Provider (PSP).

BrijX pilot programme underway

BrijX, which operates under the BoG’s regulatory sandbox framework, facilitates direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without involving foreign exchange markets or the physical movement of funds.

The pilot phase of the platform began in February 2025, with initial participation limited to MTN MoMo customers. The trial is expected to expand to include users of G-Money at a later stage.

Strict oversight and compliance measures in place

The Bank of Ghana assured the public that the BrijX pilot is being conducted under stringent regulatory conditions. These include transaction limits, a capped number of participants, and adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

“The Bank will assess the outcomes of the pilot to determine future policy directions regarding cross-border transactions,” the statement read.

MTN MoMo remains domestic-only—for now

The BoG reiterated that MTN Ghana’s MobileMoney platform remains authorised solely for domestic transactions and has not been approved to process international remittances.

The central bank concluded by reaffirming its commitment to promoting secure, cost-effective, and efficient cross-border payment systems in Africa, while safeguarding the financial system through responsible innovation.