Accra: Chief Commercial Operations Officer of MobileMoney LTD, Mr Abdul Razak Issaka Ali, has urged the Bank of Ghana (BoG) to embrace fintech innovations, particularly in the area of cross-border payment solutions, which hold potential to drive inclusion and regional trade. Mr. Ali expressed frustration that Ghana’s efforts over the years to achieve seamless cross-border mobile money interoperability was yet to be realised.
According to Ghana News Agency, despite years of conversations and pilot projects, the implementation of regulatory frameworks to support such initiatives remains slow and uncertain. This scenario leaves private sector innovation ‘trapped in a loop of caution and bureaucracy.’ Mr. Ali emphasized that the government should not hesitate to try new innovations within reasonable limits, advocating for quicker movement through existing frameworks like the sandbox.
Mr. Ali observed that while the government had been advocating for cross-border payment integration, the development of regulations to guide private sector participation had become what he described as a ‘cat-and-mouse journey.’ He explained that there was uncertainty over whether to move forward with cross-border mobile money solutions due to perceived risks around capital flows, exchange rates, and potential misuse.
He was speaking at a high-level panel discussion themed ‘From Exclusion to Inclusion – DPI and Inclusive Development in Africa’ during a conference organized by the Media Foundation for West Africa (MFWA) on ‘Journalism and Digital Public Infrastructure.’ Mr. Ali’s comments coincided with the Bank of Ghana’s ongoing sandbox programme, which includes a pilot by Brij Fintech Ghana, a licensed Payment Service Provider (PSP).
The BrijX pilot, which began live testing in February 2025, is a Business-to-Business (B2B) Currency Swap Platform designed to facilitate direct currency swaps between the Ghanaian cedi and the Nigerian naira. This system could significantly lower remittance costs and improve settlement efficiency between Ghana and Nigeria. Approved in 2024, the pilot started with MoMo customers and is expected to expand to include G-Money users.
BrijX operates as a digital marketplace collaborating with banks, mobile money operators, and other licensed PSPs to enable peer-to-peer currency exchanges under regulated conditions. To ensure the pilot’s safety and integrity, the BoG has set transaction and participation limits, along with a defined testing period. The sandbox framework also incorporates Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, alongside consumer protection measures, to mitigate potential risks.
However, Mr. Ali believes that the existence of such safeguards should give regulators more confidence to accelerate progress. He appealed to BoG to provide a clear regulatory direction for cross-border mobile money transactions, especially those already piloted under the sandbox. He stressed that uncertainty discourages private sector investment and innovation in an area where Ghana has the potential to lead the sub-region.
The panel discussion also explored how Digital Public Infrastructure (DPI) can deepen inclusion and economic participation across Africa. Mr. Ali emphasized that for Ghana and the sub-region to benefit from digital public goods, regulatory flexibility and public-private collaboration must be strengthened. As Ghana’s fintech ecosystem matures, industry players are calling for a more predictable policy environment that supports innovation while managing risks responsibly.
For Mr. Ali and other advocates, the success of pilots like BrijX and PAPSS could mark the beginning of a new era in regional financial integration. But for that to happen, he insists, the BoG must lead confidently, not cautiously, something he believes will happen considering the several policy directions being rolled out by the regulator.