Central Bank of Ghana wants CBDC on mobile apps

Ghana is seeking to ensure that its digital currency will work on a popular payment platform operated by mobile service providers, Bloomberg reported on Tuesday, March 15. The proposed use of eCedi in the West African country is to be intuitive and improve financial inclusion, the Bank of Ghana said.

“It is important that eCedi is implemented to complement and improve the existing payment system.
systems,” the central bank said. “The various existing electronic and mobile payment solutions must therefore be interoperable with eCedi to enable their use of eCedi.

As a result, the regulator said, it must work seamlessly with mobile money, which has become a way for consumers to pay for goods and services with their phones.

Based on the report, it is unclear how this would be accomplished. Mobile money transfers are chargeable, but eCedi transactions are free of charge.

According to the Atlantic Council, Africa’s top gold producer was among 14 pilot countries for central bank digital currencies. Nine others have launched a virtual tender. Around the world, central banks are testing digital forms of their currencies to enable fast and cheap international money transfers.

Last month, Zambia, a country in central and southern Africa, became the latest country on the continent to explore the adoption of a central bank digital currency (CBDC), cryptocurrencies and other digital assets.

See also: Zambia Boards the CBDC Train But Curbs Crypto

The Bank of Zambia, the country’s central bank, said it sees the merits of a CBDC to promote financial inclusion and plans to complete research soon with the possible implementation of a CBDC by the end of the year. end of the fourth quarter, Bloomberg reported on Wednesday (February 9).

“The research findings will be part of contributing to policy considerations on whether to introduce a central bank digital currency in Zambia,” Nkatya Kabwe, acting deputy director of communications at the Bank of Zambia, told Bloomberg.