Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations – Fintech Bitcoin News

According to the Bank of Ghana, the planned implementation of digital currency by the central bank will not affect or disrupt the operation of mobile money providers. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well as to “fast-track cross border trade.”

CBDC can be used to complement mobile money

Ghanaian central banking has taken steps to dispel fears that central bank digital currency (CBDC), known as the eCEdi, could adversely affect the operation of mobile money operators. In a speech delivered at the recently held stakeholder’s forum, Clarence Blay, the Bank of Ghana (BOG)’s assistant director of fintech and innovation said the central bank would ensure that operations of MNOs are not disrupted.

Blay, quoted in Joy Online reports, outlines the principles that guide the BOG’s progress with its plans for launching the CBDC. According to reports, he said the following:

One of the most important principles for the central bank is[s]The e-cedi will be used to guide the expansion of mobile money operations. [The]ecedi does not replace any existing platforms. Instead, it will make mobile money more efficient and vibrant.

According to reports, the CBDC will make mobile money services easier and more efficient. The report also stated that financial inclusion will be promoted by boosting MNOs.

Mobile money operators need to embrace CBDC

According to Blay, some stakeholders from the Kenyan mobile money sector have “attested that the e-cedi or CBDC will help in cost reduction.” They have also said that digital currency will deepen interoperability as well as improve the efficiency of settlements.

Eli Hini (CEO of Mobile Money Ghana Limited) is also quoted in this report, stating that an appropriately implemented CBDC would bring benefits for the operation of MNOs. There is also an expectation that the e-cedi “will fast-track cross border trade while reducing the risk of carrying bulk cash.”

Hini advised players of mobile money to be prepared for the launch of the electronic cash system.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

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