Home Science Technology Brij Technologies Showcases Currency Swap at 3i Africa Summit

Brij Technologies Showcases Currency Swap at 3i Africa Summit

3i Africa Summit
3i Africa Summit

The recent 3i Africa Summit in Accra witnessed a groundbreaking demonstration by Brij Technologies Inc., marking a significant stride in the realm of foreign exchange. At the forefront of this innovation was BrijX, a revolutionary solution enabling real-time direct currency swaps peer-to-peer, sans the need for traditional financial intermediaries like foreign exchange or credit cards.

This demonstration heralded a historic moment, breaking down barriers to intra-African trade for individual citizens and small to medium-scale enterprises (SMEs). Facilitated by the Innovation Sandbox initiated by the Bank of Ghana’s Office of Fintech and Innovation, Brij Technologies found an avenue to showcase its transformative solution. The Sandbox provided the regulatory framework necessary for Brij to connect Ghana with other approved countries, including Nigeria, Uganda, Rwanda, Kenya, Tanzania, and Botswana.

BrijX operates through strategic partnerships with intermediary banks, mobile money (MoMo) providers, and locally in Ghana, Digital Credit Management (DCM), seamlessly connecting with major telecom operators like MTN, AT, and Telecel. This integration empowers users to execute instant transfers between MoMo accounts across borders effortlessly, either via BrijX’s webpage or mobile app. Moreover, BrijX can be directly integrated into MoMo platforms, offering users easy access to its services.

During the live demonstration at the Innovation stage, Brij’s chief engineer, Majesty Hini, showcased the platform’s capabilities with real-time swaps between Ghana Cedi and Nigerian Naira, highlighting its seamless functionality. Attendees were captivated as they witnessed the fluid execution of cross-border transactions, underscoring the potential for widespread adoption. Post-demonstration, a surge of interest saw attendees flocking to the Brij stand to download the application.

Dr. Aloy Chife, Executive Chairman of Brij, emphasized the transformative potential of BrijX, noting that current cross-border transactions in Africa entail unnecessary USD conversions, resulting in significant annual losses. BrijX offers consumers a cost-effective alternative, bypassing prohibitive conversion fees and fostering financial inclusion across the continent.

The presentation of BrijX follows the Africa Merchant Online Enrollment Roadshow, hosted earlier this year by the U.S. Commercial Service of the U.S. Embassy in Accra. Dean Matlack, of the U.S. Foreign Commercial Service, underscored Ghana’s pivotal role as a digital hub and hailed Brij’s potential to bridge the gap between MoMo usage and regional trade integration. With endorsements from multilateral partners including the African Development Bank and the Pan-African Payment and Settlement System (PAPSS), Brij is poised to revolutionize Africa’s digital and financial landscape.

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