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Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations

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Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations – The Ghanaian central bank has taken action to calm concerns that the rollout of the central bank digital currency (CBDC), also known as the e-cedi, would negatively affect mobile money operations (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 were not interfered with.

Blay is featured in the Joy Online report explaining the BOG’s guiding principles as it pushes forward with its intentions to launch the CBDC. He reportedly 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.

Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations – The assistant director reportedly asserted that the CBDC will improve the efficiency of mobile money services as well as MNO operations. Increasing MNOs will, in turn, advance financial inclusion, the report added.

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Some participants in the Kenyan mobile money industry, according to Blay, “attested that the e-cedi or CBDC will help in cost reduction.” Additionally, they claimed that the use of digital currency would increase settlement efficiency and deepen interoperability.

Eli Hini, CEO of Mobile Money Ghana Limited, is reported in the same report as saying that the activities of MNOs will profit from a properly implemented CBDC. The e-cedi is anticipated to “fast-track cross-border trade while reducing the risk of carrying bulk cash,” as well.  Hence, Hini urged participants in the mobile money ecosystem to get ready for the likely launch of the e-cedi rather than be afraid of the CBDC.

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