Brij Fintech Ghana has launched a six-month pilot of its BrijX B2B Currency Swap Platform in collaboration with the Bank of Ghana. This platform enables direct currency swaps between the Ghanaian Cedi and Nigerian Naira, aiming to enhance cross-border transactions. Partnerships with MobileMoney LTD and G-Money Financial Services will facilitate product testing among users.
Brij Fintech Ghana, operating as a licensed Payment Service Provider, has initiated a six-month pilot phase of its BrijX B2B Currency Swap Platform under the guidance of the Bank of Ghana’s Regulatory Sandbox. This innovative platform serves as a digital marketplace, enabling direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, thereby circumventing traditional foreign exchange mechanisms.
The primary aim of the BrijX initiative is to facilitate seamless and efficient cross-border transactions for businesses. During the pilot phase, Brij Fintech Ghana will conduct controlled tests of outbound transactions from Ghana to Nigeria for select users, ensuring adherence to established transaction limits. The company has formed partnerships with MobileMoney LTD and G-Money Financial Services to evaluate the product with their clientele.
A spokesperson from Brij Fintech Ghana remarked, “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 offers a secure environment for fintech companies to trial their financial innovations while prioritizing consumer protection and regulatory compliance. Should the pilot prove successful, the BrijX platform has the potential to significantly transform currency exchange processes between these two West African nations.
In summary, Brij Fintech Ghana’s launch of the BrijX B2B Currency Swap Platform signifies a pivotal development in facilitating cross-border transactions between Ghana and Nigeria. This initiative, under the oversight of the Bank of Ghana, not only seeks to improve financial inclusion but also aims to innovate currency exchange processes in the region. The outcome of this pilot could have substantial implications for businesses operating in both countries.
Original Source: 3news.com
