Brij Fintech Ghana, a licensed Payment Service Provider, has commenced a six-month pilot phase of its award-winning BrijX B2B Currency Swap Platform under the supervision of the Bank of Ghana’s Regulatory Sandbox.
The BrijX platform is designed as a digital marketplace facilitating direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without relying on traditional dollar-based foreign exchange channels.
The initiative aims to provide businesses with a seamless and efficient cross-border transaction solution without having to convert to dollars before reconverting to the currency of the receiving country for settlement.
As part of the pilot, Brij Fintech Ghana is conducting controlled testing of outbound transactions from Ghana to Nigeria for a select number of users (5,000), ensuring compliance with existing transaction limits.
The company is partnering with MobileMoney Limited (MTN MoMo) and G-Money Financial Services (GCB) to test the product with their customers.
Fintech industry experts have always insisted that the only way to make cross-border payments work in Africa is for the central banks to find a way to remove the dollar from the currency swap process so that Africans can easy make financial transfers and settlements without having to pay more due to dollarisation.
Speaking on the development, a representative of Brij Fintech Ghana stated, “This pilot marks a significant step towards enhancing financial inclusion and cross-border trade efficiency. We are confident that BrijX will provide a reliable and innovative solution for businesses engaging in transactions between Ghana and Nigeria.”
The Bank of Ghana’s Regulatory Sandbox provides a controlled environment for fintech companies to test innovative financial products while ensuring consumer protection and regulatory compliance.
If successful, the BrijX platform could revolutionise currency exchange between the two West African economies, which can then be replicated across the continent as a model for cross-border payments without dollarisation.
At the fourth Ghana Fintech Awards this year, the collaboration between Brij Fintech, MTN MoMo and GMoney was adjudged the Fintech & Non-Bank partnership of the year, while BrijX emerged as the Fintech Platform of the Year.
