Brij Technologies Inc. has unveiled its BrijX Currency Swap B2B Digital Platform, which will represent the first-ever Mobile Money Interoperability and will soon enable real-time currency swaps, peer-to-peer, between Ghanaian Cedi and Nigerian Naira, without the need for foreign exchange intermediation.
This historic financial inclusion breakthrough addresses a longstanding chokepoint in intra-African trade and comes with the full support of the U.S. Embassy in Ghana, and with regulatory approval from the Bank of Ghana, through the issuance of a Payment Service Provider License and approval to test the application within the Bank’s Regulatory Sandbox.
The Bank’s testing protocol permits Brij to work with two initial partners, Mobile Money Limited Ghana and G-Money Financial Services.
The final technical integrations are on-going. It was announced at the event that the platforms should be up and running before Christmas.
The standing-room only program held at the Movenpick Ambassador Hotel, drew a diverse audience of entrepreneurs and CEOs of small and medium-sized enterprises, officials from the Bank of Ghana, the U.S. Embassy in Accra and the Nigerian High Commission to Ghana; along with Brij’s partner institutions -Mobile Money Limited Ghana, MTN MoMo Payment Service Bank Nigeria, G-Money Financial Services, Digital Credit Management Limited and the Africa Prosperity Network.
The event was kicked off with remarks by Mr. Kwame Oppong, the Head of Fintech and Innovation at the Bank of Ghana, who described the enabling regulatory framework that made the innovation possible.
He remarked that, “In recent years, the Bank of Ghana envisioned the need for a Digital Sandbox, a vehicle to test, learn, enhance and if successful, roll out innovations such as what BrijX is presenting today, to help the individuals and businesses we serve to achieve their financial aspirations, hopes and dreams.
“We wish Brij and its partners all the best, recognising that should it succeed commercially, it will make a significant impact on the continent and support the real materialization of people’s dreams.”
Deputy Chief of Mission, Rolf Olson, from the U.S. Embassy in Accra, showcased the BrijX launch as a key deliverable within the context of the U.S.-Ghana strategic partnership on digital and financial services.
The U.S. Embassies in Ghana and Nigeria have been integral partners in the rollout of the Brij solutions, and earlier this year co-hosted two merchant onboarding events for SMEs.
Africa Prosperity Network Executive Chairman, Gabby Otchere-Darko, highlighted that the BrijX innovation advances a shared vision of a single, unified African market. “We believe the destiny of Africa, and its prosperity, is intrinsically linked to our being able to build a single market, one where we control our own currency destiny.
“With over half of African adults using Mobile Money, the fastest way, categorically, to achieve this is to allow people across the continent to transact with mobile money across borders in their own local currencies.
“This will signify the creation of a common African currency of MoMo [mobile money] interoperability.”
Representing Vice President Dr. Mahamudu Bawumia was Augustine Blay, the Vice President’s Chief of Staff, who stated, “today is not just a celebration of a technological achievement, it is a testament to Ghana’s unwavering commitment to championing the African Union’s agenda 2063. By enhancing cross-border payment systems, we are laying the foundation for a more unified and robust Africa.”
This agenda seeks to eliminate barriers to intra-African digital trade and incorporate underrepresented and marginalized groups into a single, unified African digital economy. The breaking of the forex barrier and establishment of mobile money interoperability as the common African currency through BrijX are the missing links that will transform this ambition into a reality.
Brij Chief Operating Officer, Beatrice Bota, concluded the event by promising the BrijX commercial release by end of 2024, remarking that “Christmas is coming but we are Santa and have come right now.”
She told attendees to stay tuned to hear more from G-Money Financial Services and Mobile Money Limited Ghana, with whom Brij is working to complete the technical integration of its APIs. Once complete, customers will be able to access and use BrijX through these platforms.
