At the 3i Africa Summit in Accra, Ghana, Brij Technologies Inc made history by unveiling its groundbreaking BrijX solution. This innovative platform enables real-time direct currency swaps between individuals and businesses across African borders, eliminating the need for foreign exchange, credit cards, or other intermediaries.
Breaking Down Barriers
The BrijX solution addresses a critical challenge: the high cost of entry to intra-African trade. By facilitating seamless currency swaps, BrijX empowers citizens and small to medium enterprises to engage in cross-border transactions effortlessly.
The Role of the Innovation Sandbox
The Bank of Ghana’s Office of Fintech and Innovation played a pivotal role in this achievement. Through its Innovation Sandbox, Brij gained regulatory approval to connect Ghana with other approved countries, including Nigeria, Uganda, Rwanda, Kenya, Tanzania, and Botswana.
How BrijX Works
BrijX leverages strategic partnerships with intermediary banks, mobile money (MoMo) providers, and local Digital Credit Management (DCM) systems. By connecting with MTN, AT, and Telecel, BrijX enables instant transfers between MoMo accounts. Users can access the service directly through BrijX’s webpage or integrate it into existing MoMo platforms.
Live Demonstration
During the summit, Brij’s chief engineer, Majesty Hini, demonstrated a real-time swap between Ghana Cedi and Nigerian Naira. The audience witnessed the seamless process, highlighting BrijX’s efficiency. Additionally, Hini showcased BrijX’s integration with Paybills.Africa—an online marketplace aggregating millions of African vendors across 22 countries.
Enthusiastic Reception
Audience members enthusiastically participated by shouting out their phone numbers during the live demonstration. Each mobile money ping elicited applause and excitement. Afterward, dozens of attendees flocked to the Brij stand to download the BrijX application.
Eliminating Conversion Fees
Dr. Aloy Chife, Executive Chairman of Brij, emphasized the significance of BrijX. Currently, cross-border transactions in Africa require USD conversions on both sides, resulting in annual losses of $5.3 billion in fees. BrijX aims to eliminate these costs, benefiting consumers and businesses alike.
Multilateral Support
Brij’s efforts received strong support from the Bank of Ghana, the African Development Bank, and the Pan-African Payment and Settlement System (PAPSS). These institutions recognize the potential of Brij’s technology to enhance digital and financial interconnectivity across the continent.
Bridging the Gap
Dean Matlack, representing the U.S. Foreign Commercial Service, praised Ghana’s digital prowess. However, he highlighted the missing link between MoMo usage and regional trade integration. Brij and DCM are poised to fill this gap, propelling Ghana’s position as a digital hub.