Brij Fintech Ghana has launched a pilot for its BrijX B2B Currency Swap Platform in collaboration with the Bank of Ghana’s Regulatory Sandbox, aimed at enabling direct currency swaps between the Ghanaian Cedi and Nigerian Naira. This initiative seeks to enhance cross-border trade efficiency and financial inclusion for businesses, with testing supported by MobileMoney LTD and G-Money Financial Services.
Brij Fintech Ghana, a licensed Payment Service Provider, has initiated a pilot phase for its BrijX B2B Currency Swap Platform, operating under the oversight of the Bank of Ghana’s Regulatory Sandbox. This innovative platform serves as a digital marketplace that allows direct swaps between the Ghanaian Cedi and the Nigerian Naira, bypassing conventional foreign exchange methods.
The primary goal of this initiative is to provide businesses with a streamlined and effective solution for cross-border transactions. During the pilot, Brij Fintech Ghana will conduct testing of outbound transactions from Ghana to Nigeria, involving a selected group of users, while adhering to the existing transaction limits.
In collaboration with MobileMoney LTD and G-Money Financial Services, Brij Fintech Ghana will trial the service with their customers to ensure a comprehensive evaluation. A representative emphasized, “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 allows fintech companies to trial innovative financial products within a supervised environment, thereby safeguarding consumer protection and ensuring adherence to regulatory standards. If successful, the BrijX platform holds the potential to transform currency exchange practices between these two West African nations.
In conclusion, Brij Fintech Ghana’s launch of the BrijX B2B Currency Swap Platform marks a significant advancement in facilitating direct currency exchanges between Ghana and Nigeria. The pilot phase, supported by the Bank of Ghana’s Regulatory Sandbox, aims to enhance financial inclusion and streamline cross-border transactions. With successful testing and collaboration with established financial partners, BrijX could revolutionize currency exchange in the region.
Original Source: 3news.com
