In a historic development expected to minimise the cost of entry to intra-African trade for individuals and businesses, Brij Technologies Inc. showcased its BrijX solution at the just-concluded 3i Africa Summit in Accra.
A convergence of central bank governors, multilateral institutions, investors and innovators at the summit provided Brij Technologies the ideal stage to showcase the transformative power of BrijX.
The solution enables real-time direct currency swaps peer-to-peer, eliminating the need for foreign exchange, credit cards or other financial intermediaries.
During the live demonstration at the summit, Majesty Hini, Brij’s Chief Engineer, showcased the seamless functionality of BrijX by conducting a real-time swap between Ghanaian cedi and Nigerian naira.
He also showed how BrijX connects to Paybills Africa, which aggregates millions of African vendors across 22 countries into a single online marketplace.
This demonstration not only impressed the audience, but also highlighted the practicality and efficiency of the solution in facilitating cross-border transactions.
“Currently, all African cross-border transactions require a USD conversion on each side, which leads to an annual loss of US$5.3billion in conversion fees. The Brij solution will allow consumers to avoid these prohibitive costs,” said Dr. Aloy Chife, Executive Chairman of Brij.
“We are encouraged not only by the leadership of the Bank of Ghana, but also by the readiness of our multilateral partners – including the African Development Bank and the Pan-African Payment and Settlement System (PAPSS) – to explore the incorporation of Brij’s technology into their respective efforts to expand the continent’s digital and financial interconnectivity,” Dr. Chife added, as he expressed optimism about the future impact of BrijX.
He further stated that the demonstration of BrijX at the 3i Africa Summit signifies a significant step forward in leveraging technology to drive economic growth, reduce transaction costs, and foster greater financial inclusion and connectivity across Africa.
The Innovation Sandbox set up by the Bank of Ghana’s (BoG) Office of Fintech and Innovation played a pivotal role in enabling Brij Technologies to test and market its product. This regulatory support reflects the collaborative efforts to drive Fintech innovation and promote financial inclusion across Africa.
Audience members at the summit were captivated by the demonstration, with dozens crowding the Brij stand afterward to download the BrijX application. The enthusiasm and interest displayed by participants underscored the potential of BrijX to revolutionise cross-border payments and enhance financial connectivity within the region.
The BrijX presentation comes on the heels of the Africa Merchant Online Enrollment Roadshow earlier this year, hosted by the U.S. Commercial Service of the U.S. Embassy in Accra to enrol the first Ghanaian merchants onto its Paybills platform.
A representative of the U.S. Foreign Commercial Service, Dean Matlack, told the audience: “Ghana has rightly earned its reputation as a digital hub. However, the missing link between MoMo usage and regional trade integration is the enabling mechanism for cross-border payments, and we saw immediately the potential for Brij and DCM to fill this gap in Ghana and wider Africa”.
