As part of its efforts to explore emerging financial technologies, the Bank of Ghana (BoG) has approved Brij Fintech Ghana, a licensed Payment Service Provider (PSP), to conduct a limited test of its BrijX platform.
This pilot, launched in February 2025, aims to enable direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without requiring forex or cross-border fund movements.
How the BrijX platform works
BrijX is designed as a digital marketplace that integrates with banks, mobile money operators, and licensed PSPs to facilitate seamless currency swaps.
The system eliminates the need for intermediaries in foreign exchange transactions, making cross-border payments more efficient and cost-effective.
MTN MoMo not facilitating direct transfers
Contrary to earlier reports, the pilot is not being facilitated by MobileMoney Limited, the operators of MTN MoMo.
Instead, it is a standalone initiative under Brij Fintech Ghana’s sandbox testing, with transactions being conducted via mobile money platforms, including MoMo and G-Money would later be added.
Strict regulations governing the pilot
To ensure safety and compliance, BoG has put several restrictions in place.
These include transaction limits, a cap on the number of customers participating, and a defined testing period. Additionally, the platform has integrated Anti-Money Laundering (AML) measures, Know Your Customer (KYC) protocols, and consumer protection requirements.
Future policy considerations
At the conclusion of the pilot, the BoG will review the findings to assess the effectiveness of the BrijX model and determine its potential for wider implementation.
The central bank remains committed to fostering safe, efficient, and affordable cross-border payment solutions in Africa through continued regulatory innovation and exploration.
