BoG cautions: MTN MoMo not authorised for cross-border transfers to Nigeria

The Bank of Ghana (BoG) has issued a warning to MTN Mobile Money (MoMo) users regarding unauthorized cross-border transfers to Nigeria. The central bank clarified that MTN MoMo is not permitted to facilitate such transactions, emphasizing the importance of adhering to regulatory guidelines. This caution comes amid concerns over potential financial fraud and the need for secure transaction practices in mobile payment systems.

In its statement, the BoG reiterated that any MoMo services meant for cross-border payments must comply with existing laws and regulations. Users are advised to be cautious and avoid engaging in activities that could lead to financial loss or legal repercussions. The bank's reminder underscores its commitment to maintaining a safe and stable financial environment in Ghana, as it seeks to protect consumers from unauthorized services.