Brij Fintech Ghana Launches BrijX B2B Currency Swap Platform Pilot

Brij Fintech Ghana has initiated a six-month pilot of its BrijX B2B Currency Swap Platform under the Bank of Ghana’s Regulatory Sandbox. The platform enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, aiming to improve cross-border transaction efficiency for businesses. Partnerships with MobileMoney LTD and G-Money Financial Services will aid in testing the platform during this phase.

Brij Fintech Ghana, recognized as a licensed Payment Service Provider, has launched a six-month pilot of its BrijX B2B Currency Swap Platform within the regulatory parameters set by the Bank of Ghana’s Regulatory Sandbox. This platform serves as a digital marketplace that allows for direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, bypassing traditional foreign exchange methods.

The BrijX initiative aims to create a streamlined and efficient solution for cross-border transactions, enhancing ease for businesses operating in both countries. The pilot program will include controlled tests of outbound transactions from Ghana to Nigeria involving a limited group of users, while adhering to existing transaction limits.

To facilitate this testing, Brij Fintech Ghana has partnered with MobileMoney LTD and G-Money Financial Services, utilizing their customer base to evaluate the platform’s capabilities. A representative from Brij Fintech Ghana asserted that, “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 Regulatory Sandbox provided by the Bank of Ghana offers a safe framework for fintech firms to trial their innovative financial services with a focus on consumer protection and adherence to regulatory guidelines. Should the pilot prove successful, the BrijX platform has the potential to transform currency exchange practices between these two West African economies.

In conclusion, Brij Fintech Ghana’s introduction of the BrijX B2B Currency Swap Platform marks a notable advancement in facilitating efficient cross-border transactions between Ghana and Nigeria. This initiative not only seeks to enhance financial inclusion but also aims to transform currency exchange methods, benefiting businesses engaged in international trade. The success of this pilot could pave the way for broader financial innovations in the region.

Original Source: 3news.com