Thu. Jun 20th, 2024

Bank Of Ghana Clears Doubt On CBDC Effect On Mobile Money Services

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Ghana apex regulatory bank has clarified doubts on the implementation of the central bank digital currency (CBDC) known as the e-cedi and the purported negative effect on mobile money operators (MNO). 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.

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In the Joy Online report, Blay is quoted outlining the principles guiding the BOG as it moves ahead with plans to launch the CBDC. He reportedly said:

“For the central bank, one of the critical principle[s] 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.”

Also Read: Bank Of Ghana Increases Interest Rate By 22% Over Rising Inflation, Forex Crisis.

In addition to making mobile money services more efficient, the assistant director reportedly claimed that the CBDC will boost the operations of MNOs. Boosting MNOs in turn will promote financial inclusion, the report added.

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