By: Mohammed A. Abu
Ghana’s Central Bank (Bank of Ghana) has denied some earlier local media publications that it had licensed MTN Ghana to conduct cross-border transactions with MTN Nigeria.
The bank under its Sandbox programme to study emerging Fintech innovations, has rather approved Brij Fintech Ghana, a licensed Payment Service Provider(PSP) to conduct a limited testing of BrijX-a B2B Currency Swap Platform,it said in a Public announcement in Accra,Thursday.
The platform the Bank said, is built to act as a digital marketplace that collaborates with banks, mobile money operators and licensed PSPs to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders.
The Pilot, which was approved in 2024, the Bank disclosed, began life testing in February 2025, with MoMo Customers and soon with G-Money customers.
The testing, it added, is safely governed by several restrictions including transaction limits, limits on the number of customers and testing period while it has also ensured, the incorporation of Anti-Money Laundering(AML), Know Your Customer(KYC) and consumer protection requirements.
“At the end of the pilot project, Bank of Ghana will review the results to determine the appropriateness of the BrijX model to inform future policy” the Bank said adding, “The Bank remains committed to being responsive to stakeholder interest in safe, efficient and affordable cross-border payments particularly in Africa and will continue regulatory exploration through this and other on-going initiatives”
