CBDC: e-Cedi Will Not Affect MTN MoMo Vendors’ Business, says Bank Of Ghana
The Bank of Ghana has assured citizens that the e-cedi, the country’s central bank digital currency (cbdc), will not disrupt the MTN mobile money (MoMo) system.
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According to the apex bank governor, the implementation will rather be a positive one in the MoMo value chain.
Speaking at the MTN Momo Stakeholder Forum which explored the impact of the Central Bank’s digital currency on future monetary policy and digital payment, the Assistant Director in charge of Fintech and Innovation at the BoG, Clarence Blay, maintained that the Central Bank is committed to protecting the businesses of MoMo Agents as it positions itself to implement the e-cedi.
“Concerning those who are currently facilitating access to digital payments as agents, this is going to be a positive disruption. It means that all the actors in the space are going to benefit. The Central Bank is not going to issue a fiat that everything has to be digital currency.”
He added, “We recognize that the space is made up of diverse persons with diverse needs and for inclusivity, it is important that the need of everyone is catered for. Some will want physical cash, others will want digital currency. We are not trying to take away cash and replacing it with digital currency. We are responding to everyone’s needs.”
When asked if there will be any transfer fee applied to use of the digital currency,
Clarence Blay explained that “the E-cedi is a currency. The Central Bank issues currencies with no tax attached to them. If there’s going to be any levy at all, it’ll be a levy on transactions. But the e-cedi as it is now, has no levy on it”.
Currently, the Bank of Ghana started its testing phase (https://diutocoinnews.com.ng/ghana-ecedi-online/8896/) for the e-cedi for Vodafone customers, CalBank and IT Consortium users in Ghana.
On his part, CEO of MTN Mobile Money Limited, Eli Hini, urged Mobile money vendors to brace themselves for the positive impact that will come with the implementation of digital currency.
The MoMo Stakeholder Forum was organized as part of MTN Ghana’s mobile money month celebration.