The Bank of Ghana says the anticipated implementation of the central bank’s digital currency will not disrupt or adversely affect the operations of mobile money operators. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s payment system and “expedite cross-border trade.”
CBDC complements mobile money
The Central Bank of Ghana has moved to allay concerns that the introduction of the Central Bank Digital Currency (CBDC), known as e-cedi, will negatively impact the operations of mobile money operators (MNOs). Speaking at a recent stakeholder forum, Clarence Bray, Assistant Director of Fintech Innovation at the Bank of Ghana (BOG), said the central bank is committed to ensuring that the operations of mobile money operators are not disrupted.
In a report by Joy Online, Blay cited an outline of principles that will guide the BOG as it moves forward with plans to launch CBDC. He reportedly stated.
For central banks, one of the key principles guiding the rollout of e-currencies is to complement already existing mobile money operations. [e-cedi] will not replace existing platforms, but rather enhance mobile money services, making them more active and efficient.
In addition to making mobile money services more efficient, the assistant director reportedly claims that CBDC will boost mobile operators’ operations. The report adds that boosting mobile operators will in turn promote financial inclusion.
Mobile Money Operators Must Accept CBDC
According to Blay, some officials in Kenya’s mobile money sector “testified that e-cedi or CBDC will help reduce costs. They also stated that digital currencies will deepen interoperability and improve payment efficiency.
Meanwhile, Eli Hini, CEO of Mobile Money Ghana Limited, stated in the same report that CBDC, if properly implemented, would benefit the operations of mobile operators. There is also hope that e-cedi will “speed up cross-border transactions while reducing the risk of carrying large amounts of cash.”
{Hence, rather than fearing CBDC, Hini urged players in the mobile money ecosystem to prepare their businesses for the inevitable launch of e-cedi.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Nataly Reinch / Shutterstock.com.
