The Ghanaian central bank has moved to allay fears that the implementation of the central bank digital currency (CBDC) known as the e-cedi might adversely impact the operations of mobile money operators (MNO).
Clarence Blay, the Assistant Director of fintech and innovation at the Bank of Ghana (BOG), stated during a speech at a recent stakeholder meeting that the central bank will make sure MNO activities are not interfered with.
In addition, the assistant director claimed that the CBDC will further boost the operations of MNOs. He stated that boosting MNOs in turn will promote financial inclusion.
Blay also outlined the principles guiding the BOG as it moves ahead with plans to launch the CBDC.
He stated,
“For the central bank, one of the critical principles guiding the roll-out of the e-cedi is to complement already existing mobile money operations. [The] e-cedi will not supplant already existing platforms, but rather enhance mobile money services, making it more vibrant and efficient.”
Blay further stated that some stakeholders from the Kenyan mobile money sector have attested that the e-cedi or CBDC will help in cost reduction. They have also advised that the digital currency will deepen interoperability as well as improve the efficiency of settlements.
Eli Hini, CEO of Mobile Money Ghana Limited, also said, “There is also an expectation that the e-cedi will fast-track cross-border trade while reducing the risk of carrying bulk cash.”
Therefore, Hini urged participants in the mobile money ecosystem to prepare for the inevitable launch of the e-cedi rather than be afraid.