Brij Fintech Ghana Launches BrijX B2B Currency Swap Platform Pilot

Brij Fintech Ghana has launched the BrijX B2B Currency Swap Platform, currently undergoing a six-month pilot under the Bank of Ghana’s Regulatory Sandbox. This platform enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, aiming to streamline cross-border transactions and enhance financial inclusion for businesses.

Brij Fintech Ghana, a licensed Payment Service Provider, has initiated a six-month pilot for its BrijX B2B Currency Swap Platform, operating under the oversight of the Bank of Ghana’s Regulatory Sandbox. This innovative platform aims to create a digital marketplace that allows direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, eliminating the need for customary foreign exchange methods.

The objective of the BrijX platform is to offer businesses an efficient and seamless solution for cross-border transactions. During the pilot phase, Brij Fintech Ghana will conduct controlled outbound transactions from Ghana to Nigeria with a select group of users, ensuring adherence to existing transaction limits.

In collaboration with MobileMoney LTD and G-Money Financial Services, Brij Fintech Ghana will test the platform with their clientele. A representative from the company remarked on the project’s significance, emphasizing that this pilot represents a vital advancement toward increased financial inclusion and improved cross-border trade efficiency between Ghana and Nigeria.

The Bank of Ghana’s Regulatory Sandbox serves as a controlled framework for fintech firms to innovate with financial products, ensuring robust consumer protection and regulatory compliance. Should the BrijX platform prove successful, it has the potential to transform currency exchange processes between these two West African nations.

In conclusion, the introduction of the BrijX B2B Currency Swap Platform by Brij Fintech Ghana highlights a significant development in facilitating cross-border transactions. With its pilot phase supported by the Bank of Ghana’s Regulatory Sandbox, the platform aims to enhance financial inclusion and streamline trade between Ghana and Nigeria. The collaboration with well-established financial service partners further strengthens the initiative’s potential for success.

Original Source: 3news.com