Ghana’s central bank allays fears that a CBDC will disrupt mobile money operations – Fintech Bitcoin News

The Bank of Ghana has stated that the expected implementation of central bank digital currency will not disrupt or negatively impact the operations of mobile money operators. On the contrary, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well as “accelerate cross-border trade”.

CBDC to complement mobile money

Ghana’s central bank has taken action to allay fears that the implementation of central bank digital currency (CBDC) known as e-cedi could negatively impact the operations of money operators Mobile (MNO). In a speech at the stakeholder forum held recently, Clarence Blay, Deputy Director of Fintech and Innovation at Bank of Ghana (BOG), said the central bank will ensure that operations of MNOs are not disrupted.

In the Joy Online report, Blay is quoted describing the principles guiding the BOG as it moves forward with CBDC launch plans. He would have said:

For the central bank, one of the critical principles[s] guiding the deployment of e-cedi is to complement already existing mobile money operations. [The] e-cedi will not supplant existing platforms, but rather improve mobile money services, making them more dynamic and efficient.

In addition to making mobile money services more efficient, the Deputy Director allegedly claimed that the CBDC would boost MNO operations. Strengthening MNOs will in turn promote financial inclusion, the report adds.

Mobile Money Operators Must Embrace CBDC

According to Blay, some stakeholders in the mobile money industry in Kenya have “attested that e-cedi or CBDC will contribute to cost reduction.” They also stated that the digital currency will deepen interoperability and improve settlement efficiency.

Meanwhile, Eli Hini, CEO of Mobile Money Ghana Limited, is quoted in the same report stating that a properly implemented CBDC will bring benefits to MNO operations. The e-cedi is also expected to “speed up cross-border trade while reducing the risk of carrying cash in bulk.”

Therefore, instead of being afraid of the CBDC, Hini urged players in the mobile money ecosystem to prepare their businesses for the inevitable launch of e-cedi.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic issues of some African countries as well as how digital currencies can provide an escape route for Africans.

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