MoMo leader urges BoG to fast-track global cell cash integration – Life Pulse Daily

Introduction

In a bold call for financial innovation, Abdul Razak Issaka Ali, Chief Commercial Operations Officer of CellularMoney Ltd, has urged the Bank of Ghana (BoG) to accelerate the integration of cross-border mobile money systems across Africa. Speaking at a high-level panel during the “Journalism and Digital Public Infrastructure” conference organized by the Media Foundation for West Africa (MFWA), Ali emphasized the urgent need for regulatory clarity and faster implementation of fintech solutions that can drive financial inclusion and regional trade.

His remarks come at a critical time when Ghana stands at the forefront of Africa’s digital finance revolution. With pilot projects like BrijX already demonstrating success in real-world testing, stakeholders are calling for bolder regulatory action to transform Ghana into a West African fintech hub. This article explores the current state of cross-border mobile payments, examines the challenges and opportunities, and provides practical insights into how Ghana can lead regional financial integration.

Analysis

The Current State of Cross-Border Mobile Money in West Africa

Ghana has made significant strides in mobile money adoption, with over 70% of adults using digital financial services. However, cross-border interoperability remains a major challenge. Despite years of discussions and pilot programs, seamless international mobile cash transactions between Ghana and neighboring countries like Nigeria remain unrealized.

Ali criticized the slow pace of regulatory implementation, describing private sector innovation efforts as “trapped in a loop of caution and paperwork.” He pointed out that while the Bank of Ghana has established a regulatory sandbox framework to test new financial technologies, the transition from testing to full-scale deployment remains sluggish.

The BrijX Pilot: A Case Study in Innovation

One of the most promising developments in cross-border payments is the BrijX pilot program launched by Brij Fintech Ghana. This Business-to-Business (B2B) Currency Swap Platform enables direct foreign exchange transactions between the Ghanaian cedi and Nigerian naira without relying on traditional forex markets or physical fund transfers.

Launched in February 2025, BrijX operates as a virtual marketplace connecting banks, mobile money operators, and licensed Payment Service Providers (PSPs). The platform facilitates peer-to-peer currency exchanges under regulated conditions, significantly reducing remittance costs and improving transaction efficiency between Ghana and Nigeria.

The pilot initially targeted MoMo users and is expected to expand to include G-Money customers, representing a significant step toward regional financial integration.

Regulatory Challenges and the Need for Clear Frameworks

Ali highlighted what he described as a “cat-and-mouse game” between innovators and regulators. He noted uncertainty about whether the government truly intends to advance cross-border mobile money solutions, largely due to concerns about capital flow management, exchange rate volatility, and potential misuse.

“It’s currently unclear whether the government wants to move forward with other cross-border innovations or not,” Ali stated. “We need a clearer scaling pathway. The enabling environment should allow innovation within a controlled space to prevent chaos — not kill innovation entirely.”

He emphasized that the existing sandbox framework was specifically designed to enable safe testing and learning, arguing that safeguards should increase regulator confidence rather than slow down progress.

Summary

Abdul Razak Issaka Ali’s call to action represents a pivotal moment in Ghana’s fintech evolution. His appeal to the Bank of Ghana centers on three key areas: faster regulatory approval for tested innovations, clearer policy direction for cross-border mobile money integration, and increased public-private collaboration to drive financial inclusion.

The success of pilot programs like BrijX demonstrates that the technology is ready for broader implementation. What’s missing is the regulatory certainty needed to attract private investment and scale these solutions across West Africa. Ali believes Ghana has the potential to become a fintech hub connecting the region through digital payments, but this requires bold decisions from both the central bank and government leadership.

Key Points

Practical Advice

For Financial Regulators

Regulators should establish clear timelines and criteria for transitioning successful sandbox projects to full market deployment. This includes creating standardized approval processes for cross-border mobile money solutions that have demonstrated safety and efficacy during testing phases.

For Fintech Companies

Innovation leaders should continue engaging with regulators through formal channels while documenting the economic benefits of their solutions. Building coalitions with other industry players can strengthen advocacy efforts for policy reform.

For Financial Institutions

Banks and mobile money operators should prepare infrastructure for cross-border integration by ensuring compliance with international standards and investing in interoperable technology platforms.

For Consumers and Businesses

End-users should stay informed about emerging cross-border payment options and participate in pilot programs where available. Businesses engaged in regional trade should advocate for improved digital payment infrastructure to reduce transaction costs.

Points of Caution

• Financial Stability: Rapid implementation without adequate safeguards could expose the financial system to risks
• Consumer Protection: Cross-border transactions require robust dispute resolution mechanisms
• Money Laundering Risks: Enhanced Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols are essential
• Exchange Rate Volatility: Currency swap platforms need effective risk management strategies
• Technical Infrastructure: Reliable digital connectivity is crucial for seamless cross-border transactions

Comparison

Ghana vs. East African Mobile Money Integration

Ali pointed to East Africa as a model for what Ghana could achieve. Countries like Kenya, Tanzania, and Uganda have successfully implemented regulatory frameworks that enable platforms like M-Pesa to facilitate real-time regional transactions. The East African experience demonstrates that with clear regulatory support, mobile money can become a powerful tool for regional economic integration.

Compared to East Africa’s progress, West Africa lags behind in cross-border mobile money interoperability. While individual countries have strong domestic mobile money ecosystems, regional integration remains limited. Ghana has the opportunity to lead this transformation in West Africa, much like Kenya did in the East African region.

Sandbox Approach vs. Full Market Deployment

The regulatory sandbox model provides a controlled environment for testing innovation, but there’s a risk of becoming permanently stuck in the testing phase. Countries that have successfully scaled fintech innovations typically establish clear graduation criteria from sandbox to full deployment, ensuring that proven solutions can reach wider markets.

Legal Implications

The integration of cross-border mobile money systems involves complex legal considerations. Regulatory frameworks must address issues related to consumer protection, data privacy, anti-money laundering compliance, and international financial regulations.

The Bank of Ghana’s existing legal framework provides authority for sandbox operations and pilot program oversight, but may require updates to support full-scale cross-border mobile money deployment. Harmonization with regional bodies like ECOWAS and international standards set by organizations like the Financial Action Task Force (FATF) will be crucial for successful implementation.

Legal clarity around currency exchange regulations, cross-border transaction reporting requirements, and dispute resolution mechanisms will be essential components of any comprehensive cross-border mobile money framework.

Conclusion

Abdul Razak Issaka Ali’s call for accelerated cross-border mobile money integration represents more than just a regulatory appeal—it’s a vision for Ghana’s role in shaping Africa’s financial future. The technology is ready, the need is clear, and the potential benefits for financial inclusion and regional trade are substantial.

For Ghana to realize its potential as a West African fintech hub, the Bank of Ghana must demonstrate leadership by providing clear regulatory pathways for innovation. The success of pilot programs like BrijX proves that the foundation is solid; what’s needed now is the courage to scale.

As Ali noted, this isn’t about reckless innovation but about responsible progress within established safeguards. The sandbox framework exists precisely to enable this balance. The question is no longer whether Ghana can lead regional financial integration, but when it will choose to do so.

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