MobileMoney Limited Hasn’t Been Licensed for Cross-Border Transactions – BoG

The Bank of Ghana (BoG) has issued a statement confirming that MobileMoney Limited (MML), a subsidiary of MTN Ghana, is not licensed to offer cross-border mobile money transactions.

The central bank’s announcement comes amid growing reports of international remittance activities being conducted through MML, which BoG warns is not legally authorized.

"We want to caution the public that MobileMoney Limited has not been granted approval to conduct cross-border transactions. Any such activity is outside the scope of its license," a BoG official stated.

Implications of BoG’s Statement

???? Public Warning: Users should avoid using MML for international transfers to prevent potential losses.
???? Regulatory Compliance: BoG is ensuring financial institutions adhere to legal frameworks.
???? Alternatives for Cross-Border Transactions: Ghanaians should use approved remittance services for international transfers.

What’s Next?

The BoG has advised MobileMoney Limited to comply with existing regulations, and there is speculation that future licensing agreements may allow MML to offer regulated cross-border services.

Conclusion:

While MobileMoney Limited remains a leading player in Ghana’s mobile financial services sector, it has not been authorized to handle international transactions. Customers are urged to use officially licensed remittance channels to ensure secure and legal money transfers.