According to the Bank of Ghana, the planned implementation of the digital currency by the central bank will not affect or disrupt the operations of mobile money providers. The central bank believes that the digital currency will improve efficiency in Ghana's settlement system and "fast-track cross-border trade strong>
CBDC to Complement Mobile Cash
The Ghanaian central banks has taken steps to dispel fears that the central bank's digital currency (CBDC), also known as the ecedi, might negatively impact the operations and activities of mobile money operators (MNO). Clarence Blay (BoG's assistant director of fintech innovation and finance) stated that the central bank will ensure that MNOs' operations are not disrupted in a speech he delivered at the recent stakeholder's forum.
Blay is quoted in Joy Online as describing the principles that guide the BOG's progress with its plans to launch the CBDC. According to reports, he said:
The central bank believes that the e-cedi should be used to enhance existing mobile money operations. The e-cedi does not replace existing platforms. It will enhance mobile money services and make them more vibrant, efficient, and effective.
The assistant director claimed that the CBDC would make mobile money services more efficient and will also boost the operations MNOs. The report also stated that financial inclusion will be promoted by boosting MNOs.
Mobile money operators must embrace CBDC
Blay claims that some stakeholders in the Kenyan mobile currency sector "attested that e-cedi/ CBDC will aid in cost reduction." They also claim that digital currency will improve interoperability and efficiency of settlements.
Eli Hini, CEO, Mobile Money Ghana Limited is quoted in the report as saying that properly implemented CBDC will benefit the operations of MNOs. The e-cedi is expected to "fast-track cross-border trade while reducing risk of carrying bulk money."
Hini advised players in the mobile currency ecosystem not to be afraid of the CBDC and encouraged them to prepare for the inevitable launch the e-cedi.
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By: Terence Zimwara
Title: Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations
Sourced From: news.bitcoin.com/ghanaian-central-bank-allays-fears-that-a-cbdc-will-disrupt-mobile-money-operations/
Published Date: Sun, 04 Sep 2022 10:30:48 +0000
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