Brij Fintech Ghana has launched its BrijX B2B Currency Swap Platform, now in a six-month pilot phase under the Bank of Ghana’s supervision. This platform allows direct currency swaps between the Ghanaian Cedi and Nigerian Naira, aiming to improve cross-border transaction efficiency. Controlled testing will involve partnerships with MobileMoney LTD and G-Money Financial Services, focusing on user compliance and regulatory standards.
Brij Fintech Ghana has initiated a six-month pilot for its BrijX B2B Currency Swap Platform, supervised by the Bank of Ghana’s Regulatory Sandbox. This platform facilitates direct currency swaps between the Ghanaian Cedi and Nigerian Naira, avoiding traditional foreign exchange methods, enabling a more efficient solution for cross-border transactions.
During the pilot phase, Brij Fintech Ghana will carry out controlled tests focusing on outbound transactions from Ghana to Nigeria with a limited user base. This will maintain compliance with existing transaction regulations.
The initiative collaborates with MobileMoney LTD and G-Money Financial Services, utilizing their customer base for product testing. The representative of Brij Fintech Ghana highlighted that this pilot is a crucial move toward improving financial inclusion and optimizing cross-border trade.
The Bank of Ghana’s Regulatory Sandbox is essential for fintech companies, allowing them to trial financial innovations within a framework that ensures consumer safety and regulatory adherence. If successful, BrijX could transform currency exchange practices between Ghana and Nigeria.
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 under the guidance of the Bank of Ghana demonstrates a commitment to innovation and compliance in fintech. Successful implementation could greatly enhance cross-border trade efficiency and financial inclusion in the region.
Original Source: 3news.com
