MTN Ghana and MTN Nigeria’s newly introduced cross-border payment service has come under scrutiny, as Ghana’s Communications Minister, Sam George, has revealed that the Bank of Ghana (BoG) has not granted approval for such transactions.
The service, which allows Ghanaians and Nigerians to transfer money directly between their MTN MoMo wallets, was expected to simplify remittances, trade, and financial interactions between the two countries. However, concerns have emerged over whether the necessary regulatory frameworks are in place.
Addressing the issue in a social media post, Sam George disclosed that stakeholders in Ghana’s fintech sector had raised alarms about the initiative.
“I have received several frantic calls from players in Ghana’s fintech ecosystem deeply worried about a statement circulating today that MTN Ghana and MTN Nigeria have commenced cross-border payments,” he stated.
“Despite our commitment to a seamless and inclusive financial ecosystem, there are regulations for the industry. My checks with the Bank of Ghana indicate that no such licence has been issued for cross-border payments,” he added.
I have received several frantic calls from players in Ghana’s fintech ecosystem deeply worried about a statement circulating today that @MTNGhana and @MTNNG have commenced cross border payments.
Despite our commitment to a seamless and inclusive financial ecosystem, there are…
— Sam ‘Dzata’ George 🦁🇬🇭 (@samgeorgegh) March 19, 2025
His comments have sparked further debate about compliance with financial policies. Ghana’s Foreign Exchange Act, 2006 (Act 723) restricts foreign currency transactions within the country without proper authorization. Violators could face fines or imprisonment, making regulatory approval a critical step for mobile money services operating across borders.
While the cross-border feature remains available to MTN users, industry watchers are calling for clarity from both the Bank of Ghana and MTN on the future of the service. The Communications Ministry has assured fintech players and mobile money users that it will work with stakeholders to foster a secure and innovative financial ecosystem.
“We would work with all stakeholders as the Ministry for Digital Technology to ensure a favourable ecosystem that protects investments, supports innovation, and offers the best products to our citizens,” George affirmed.
With growing calls for regulatory compliance, the fate of MTN’s cross-border MoMo payments now rests on further engagements between the telecom giant and Ghana’s financial authorities.
