Brij Fintech Ghana has launched a six-month pilot of its BrijX B2B Currency Swap Platform under the Bank of Ghana’s Regulatory Sandbox. The platform facilitates direct currency swaps between the Ghanaian Cedi and Nigerian Naira, aiming to streamline cross-border transactions. Partnerships with MobileMoney LTD and G-Money Financial Services will support testing among select users. This initiative seeks to boost financial inclusion and efficiency for businesses operating between the two countries.
Brij Fintech Ghana, recognized as a licensed Payment Service Provider, has initiated a six-month pilot phase for its BrijX B2B Currency Swap Platform, which operates under the scrutiny of the Bank of Ghana’s Regulatory Sandbox. This platform is structured as a digital marketplace that enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, circumventing conventional foreign exchange methods.
The primary objective of this initiative is to offer businesses a streamlined and efficient solution for cross-border transactions. During the pilot phase, Brij Fintech Ghana will implement controlled testing of outbound transactions from Ghana to Nigeria, limited to a specific group of users to ensure adherence to existing transaction limits.
In collaboration with MobileMoney LTD and G-Money Financial Services, Brij Fintech Ghana aims to test the product among their respective customer bases. A representative from Brij Fintech Ghana remarked on the initiative, highlighting, “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 setting for fintech companies to trial innovative financial products while ensuring consumer protection and compliance with regulations. Should the BrijX platform prove successful, it has the potential to transform currency exchange practices within these two West African economies.
In conclusion, the launch of the BrijX B2B Currency Swap Platform by Brij Fintech Ghana represents a significant advancement in facilitating cross-border transactions between Ghana and Nigeria. This initiative, conducted under the Regulatory Sandbox of the Bank of Ghana, emphasizes the importance of compliance and consumer protection while striving for greater financial inclusion and trade efficiency. If successful, the BrijX platform could greatly enhance the currency exchange process in the region.
Original Source: 3news.com
