Bank of Ghana Clarifies Stance on Cross-Border Payment Systems
The Bank of Ghana (BoG) has issued a statement refuting claims that MTN Ghana has been licensed to facilitate cross-border financial transactions with MTN Nigeria. The central bank emphasized its commitment to thorough regulatory measures to foster innovation in the fintech space.
As part of its efforts, BoG launched a pilot program in 2024 under its regulatory sandbox initiative, enabling Brij Fintech Ghana to test BrijX, a currency swap platform. This B2B platform aims to streamline direct currency exchanges between the Ghanaian Cedi and Nigerian Naira, eliminating the need for traditional forex processes or cross-border fund transfers.
The pilot, which began live testing in early 2025, is tightly regulated with measures like transaction limits, a capped number of customers, and strict compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. Currently involving MoMo customers, it is expected to expand to other platforms like G-Money.
BoG highlighted that the sandbox project underscores its dedication to safe, efficient, and cost-effective cross-border payment solutions. Upon the pilot’s conclusion, data will be reviewed to assess the viability of the BrijX model for broader implementation.
This initiative reflects the Bank of Ghana’s strategic commitment to exploring groundbreaking technologies that enhance financial inclusion and support Africa’s growing digital economy.
Source: ModernGhana