Banks excited about the introduction of e-Cedi – PwC survey reveals
A banking survey by PricewaterhouseCoopers (PwC) Ghana, has revealed that banks in the country are mostly upbeat about the introduction of the e-Cedi into the economy by the Bank of Ghana (BoG).
Over 70% of bank executives interviewed in the survey expressed the opinion that the use of the e-Cedi will become prominent among Ghanaians – as was the case of mobile money (MoMo) – in the next three to five years.
The bank executives however, noted that, the general acceptance of the digital currency will be based on good user experience.
“User experience will be at the core of product acceptance among the public and drive its demand, use, and penetration [sic],” said the report.
Quizzed about the expected impact, 95% of the banking executives surveyed agree that the digital currency would impact the banking sector and the wider economy positively through a deepening of financial inclusion, providing additional thrust for the country’s digitisation agenda, and improving execution of monetary policy via enhanced control over money supply.
A good number of bank executives noted that they expect the introduction of the e-Cedi to facilitate low transaction costs, improved security of payments, and higher monetary transaction limits.
Again, 85% of executives participating in the survey emphasised that the Bank of Ghana must ensure that the principles of confidentiality, data privacy and security are incorporated in the design of the e-Cedi to help build trust and thereby encourage uptake of the digital currency, when it is launched.
Also, 60% of bank executives are of the view that the role that the Central Bank plays in the e-Cedi project will determine – in a significant way – the success or otherwise of the e-Cedi.
Notwithstanding the general sense of excitement, from survey responses, the report said the industry also has some apprehension about the e-Cedi project.
Importantly, 85% of bank executives would like to engage further with Bank of Ghana in order to better understand the proposed digital currency and its associated infrastructural requirements.
They noted that there is currently insufficient clarity around legislation/ regulations, technical and funding support that would be availed, and the role expected of banks in the currency’s deployment.
This makes them uneasy about any potential demands that the central bank will place on them when it launches the e-Cedi. They also assert that they are unsure if their current technology infrastructure would support the deployment of the e-Cedi.
