Brij Fintech Ghana has launched a pilot for the BrijX B2B Currency Swap Platform, supervised by the Bank of Ghana’s Regulatory Sandbox. The platform facilitates direct currency swaps between the Ghanaian Cedi and the Nigerian Naira, aiming to improve cross-border transaction efficiency. Collaborating with MobileMoney LTD and G-Money Financial Services, the pilot will test outbound transactions while ensuring regulatory compliance.
Brij Fintech Ghana, a licensed Payment Service Provider, has initiated a six-month pilot of the BrijX B2B Currency Swap Platform. This initiative is under the oversight of the Bank of Ghana’s Regulatory Sandbox, showcasing their commitment to fostering innovation in the financial sector.
The BrijX platform functions as a digital marketplace that enables direct currency swaps between the Ghanaian Cedi and the Nigerian Naira. It aims to eliminate the reliance on traditional foreign exchange channels, thus enhancing the efficiency of cross-border transactions for businesses.
During the pilot phase, Brij Fintech Ghana will conduct controlled testing of outbound transactions from Ghana to Nigeria with a select group of users to ensure adherence to existing transaction limits. The company is collaborating with MobileMoney LTD and G-Money Financial Services to facilitate testing with their customer base.
A representative from Brij Fintech Ghana commented, “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 allows fintech companies to trial innovative financial products within a controlled environment, emphasizing consumer safety and regulatory compliance. If successful, the BrijX platform has the potential to transform currency exchange practices between Ghana and Nigeria, greatly impacting the two economies.
In summary, Brij Fintech Ghana’s launch of the BrijX B2B Currency Swap Platform represents a progressive step in facilitating cross-border trade. The controlled pilot phase aims to enhance currency exchange efficiency between Ghana and Nigeria while ensuring regulatory compliance. Should the initiative prove successful, it could significantly improve financial inclusion and transaction processes for businesses in the region.
Original Source: 3news.com
