ACCRA, Ghana, January 30, 2024—Today, the Africa Dealer Registration Online Roadshow co-organized by the US Embassy Commercial Section, Brij Technologies Inc. (Brij) with Digital Credit Management Ltd. (DCM), has seen the registration of the first Ghanaian Small and Medium Enterprises (SMEs) on a cross-border payments platform developed by two US start-ups, in a historic opening for intra-African trade. For the first time, customers can now make real-time direct payments in their own currencies to Ghanaian suppliers from anywhere in the world, without the prohibitive cost of FOREX transfers.
The standing room only event held at Labadi Beach Hotel included vendors and trade aggregators as well as representatives from the Bank of Ghana, Ministry of Finance, Ministry of Communications and Digitization, Ghana Enterprises Corporation, Ghana Investment Promotion Centre, the American Chamber of Commerce Ghana, the Federation of Private Enterprises and Stanford Seed.
The first phase of the project will provide SMEs with access to an online marketplace, for goods and services, which includes a range of business management tools, including invoice and payment tracking, allowing them to send bills and receive payments directly to their chosen bank and in MoMo accounts. The second phase will provide e-commerce tools to enable online listing of goods and services.
The activation engine is Brij’s pan-African Payments.Africa platform, which aims to bring millions of African suppliers into a centralized online marketplace, organized by sector, for simplified and cost-effective access for global payers. The payment solution can also be integrated directly into existing digital and online marketing businesses, allowing customers to submit Paybills.Africa-powered payments directly through suppliers’ websites, or through the platform in the case of suppliers without websites. With the new registrations, Ghana joins 21 other countries for which Paybills.Africa supports the uptake of direct incoming supplier payments.
In his opening remarks, Dean Matlack of the US Foreign Trade Service noted, “with its leadership role in creating a unified African market and a robust mobile money environment, Ghana has rightly earned its reputation as a digital hub. However, the missing link between the use of MoMo and regional trade integration is the facilitation mechanism for cross-border payments, and we immediately saw the potential for Brij and DCM technology to fill this gap in Ghana and wider Africa.”
“Lack of interoperability between mobile money providers remains biggest barrier to Africa’s growth.” said Mr. Ehi Binitie, Director Brij. “When customers around the world can make direct payments in their own currencies to Ghanaian suppliers, these suppliers will finally have access to the tools they need to take their place in the global digital marketplace.”
“This project will turn the aspirations of AfCFTA and PAPSS to accelerate intra-African trade through cross-border e-commerce into reality. As the primary payment processor for Paybills. Africa in Ghana, we look forward to working closely with partners, SMEs and regulators to create a solution that works for both customers and businesses.” commented Mr. Pierre Liautaud, Director of DCM.
Mr Kwame Oppong, Head of Fintech and Innovation for the Bank of Ghana congratulated the organisers, stressing the importance of such dialogue between government and industry. He highlighted the Bank of Ghana’s policy, “to create a culture of innovation through a clear regulatory framework that will drive investment in Ghana’s digital financial sector”.
Mr. Oppong also previewed what’s to come 3i Africa Summit which will be held in Accra Ghana from May 13 to 15, with the aim of promoting positive and regulatory environments and catalyzing investment in Africa’s digital economy and said the discussion will continue there.
The success of the Brij-DCM project is based on the online registration of Ghanaian suppliers in the online marketplace. Brij and DCM invite all Ghanaian businesses to register as billers on the platform, linked here.
For more information, please contact Terence Raft: terence.raft@brij.africa