The Bank of Ghana (BoG) released a report that said electronic and mobile payment solutions will be used along with the national digital currency, eCedi. The Bank finds the eCedi must complement and enhance current payment methods. It will solve the pain points in the current system such as delayed settlements of mobile-money transactions.
Related: Bank of Ghana announces 'advanced stage' CBDC development
The institution aims to improve financial inclusion via eCedi. For this purpose, the Central Bank Digital Currency (CBDC) needs to be as intuitive as possible, and work well with mobile currencies. The vision is that eCedi transactions will be free of additional fees.
Local media provider News Ghana reported the CB urges the residents of the country to support the CBDC pilot, saying that eCedi will help to stabilize the financial system of the country.
The Governor of the Bank of Ghana, Dr. Ernest Addison, said that Ghana is focused to deepen the government's digitalization program by making digital payments mainstream, to formalize the economy, and enhance the efficiency of fiscal operations and monetary policy transmission mechanisms.