Central Bank Digital Currency to promote financial inclusion – BoG

The introduction of the Central Bank Digital Currency (CBDC) will promote financial inclusion and build the digital payment industry, the Assistant Director, Fintech and Innovation Office of the Bank of Ghana (BoG), Mr Clarence Blay, has said.

He said the CBDC dubbed E-Cedi was to complement the digital payment services industry and not compete with it.

Mr Blay stated this at the MoMo Stakeholders Forum organised by MTN Ghana as part of MoMo Month celebration.

The month-long campaign is being celebrated under the theme, “Accelerating Growth in Digital Payments – The Role of Partnerships,” while the Momo Stakeholders Forum was on the theme “The Impact of Central Bank Digital Currency on Future Digital Payments.”

The BoG recently introduced the CBDC and is currently being piloted in some parts of the country with the objective to build a robust, inclusive, competitive and sustainable financial sector.

Mr Blay said the CBDC was to help people realise their personal aspiration, economic dreams and ambitions by being able to participate effectively in the economic life of the country.

He said the E-Cedi would facilitate the Ghanaian digital payment industry and financial services industry especially in the area of financial inclusion.

The Chief Executive Officer (CEO) of Mobile Money Limited, Eli Hini, in an interview, said the programme formed part of activities outlined for the MoMo Month celebration.

“Reason why we organised this programme is that the Central Bank has taken up that interest to implement the E-Cedi, we are currently in the pilot stage, so it is important for stakeholders to understand what is going on in the whole eco-system, so that as stakeholders in the eco-system we can align our business to take advantage of the opportunities it present,” he said.

Asked whether the E-Cedi would disrupt MoMo, Mr Hini responded “Innovations will come, disruptors will come, what is important is to set your business and re-alignit to take advantage of innovations and how you can leverage the opportunities.”

The Mobile Money Limited CEO said the E-Cedi would add value to MoMo in terms of settlement, help in the reconciliation of the accounts of Mobile Money operators and promote cross border trade.

BY KINGSLEY ASARE

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