Story by, Nsor Paul Mensah
In a move to address the challenges of cross-border currency exchange in Africa, Brij, a technology Inc, has launched BrijX Currency Swap B2B Digital platform in Accra-Ghana that aims to enable seamless money transfers between Ghana and Nigeria.
Speaking at the launch, Beatrice Bota, the Chief Operating Officer of Brij technology Inc, explained the key features of the new platform. "We did not want to be selfish. We made the product to become a B2B solution that will sit on telcos like MTN, Momo Ghana, Airtel, Tigo, and all the banks in Ghana," she said.
The digital platform, which is currently focused on facilitating transfers between the Ghanaian Cedi and the Nigerian Naira, will soon be expanded to include other African currencies. "For the start, we are only dealing with Ghana Cedi and the Nigerian Naira. So very soon, we will go live with MTN, that's mobile money, limited Ghana and G money before the Christmas," Bota added.
One of the key advantages of the BrijX digital platform is its transparency. "We will show you the Cedi to the Naira rate. We will show you all charges. You confirm, then the transaction goes through," Bota explained, highlighting the platform's commitment to providing users with a clear and straightforward exchange process.
The launch of the Brij platform comes at a time when many Africans face challenges in exchanging currencies across borders. "Currently, as we sit here, the last time I went to Nigeria, I had to go in front of shop right to use this black man to change my Cedi to Naira. But with this, it eliminates the third person or the middle man," Bota said, emphasizing the platform's potential to streamline cross-border transactions.
Brij's vision is to enable Africans to "live borderless" and experience a seamless financial experience, regardless of their location within the continent. "We just want Africans to live borderless. We want you to live like you never left home," Bota concluded.
The launch of the BrijX digital platform is expected to have a significant impact on the cross-border financial landscape in Africa, providing a much-needed solution to the challenges faced by individuals and businesses alike.
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.
For his part, 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, recognizing that should it succeed commercially, it will make a significant impact on the continent and support the real materialization of people’s dreams.”
Brij Technologies is a digital financial services provider active across 22 countries which aims to create a unified African marketplace by eliminating the forex barrier preventing currency interoperability across mobile money accounts. The company is in its Seed fundraise round and plans to onboard investors as its mobile money interoperability continues to roll out.