In an attempt to enhance cross-border payments, the Bank of Ghana (BoG) has approved the pilot testing of BrijX, a new digital currency swap platform developed by Brij Fintech Ghana.
The platform aims to enable direct exchanges between the Ghanaian Cedi and the Nigerian Naira without relying on traditional foreign exchange markets or cross-border fund transfers.
The live testing of BrijX began in February 2025, initially involving selected MoMo customers, with plans to expand to G-Money users in the coming months. The pilot is being conducted under strict regulatory oversight, including transaction limits, customer caps, and stringent compliance measures such as Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
“As part of its sandbox program to study emerging fintech innovations, the Bank approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to conduct a limited testing of BrijX – a B2B Currency Swap Platform,” part of the statement read.
It added, “the platform is built to act as a digital marketplace that collaborates with banks, mobile money operators, and licensed PSPs to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex or movement of funds across borders.”
BrijX operates as a Business-to-Business (B2B) digital marketplace, collaborating with banks, mobile money operators, and licensed Payment Service Providers (PSPs) to facilitate seamless currency swaps between Ghana and Nigeria. Unlike traditional foreign exchange systems, BrijX eliminates the need for forex conversion and physical fund movements, making cross-border transactions faster and potentially more cost-effective.
If successful, the platform could provide a groundbreaking solution for businesses and individuals who frequently transact between Ghana and Nigeria, reducing forex dependency and improving trade efficiency.
Despite its potential, BrijX remains in an experimental phase, and the Bank of Ghana has assured the public that it will thoroughly assess the pilot results before making any policy decisions.
The central bank emphasized that this initiative does not authorize unrestricted cross-border transactions, as all financial innovations must comply with BoG’s strict regulatory framework.
At the end of the pilot, the Bank of Ghana will evaluate the system’s effectiveness and risks to determine whether BrijX can be integrated into Ghana’s formal financial ecosystem. The BoG remains committed to supporting safe, efficient, and innovative payment solutions while ensuring financial stability.
The testing of BrijX marks a significant milestone in Ghana’s effort to modernize cross-border transactions within Africa. If proven successful, it could redefine currency exchange mechanisms, offering businesses and individuals a faster, cost-effective, and secure alternative to traditional forex trading.
