BoG to conclude e-cedi pilot before roll-out
The Bank of Ghana has indicated that it will not rush in introducing the e-cedi despite the anticipation of the use of the digital currency by a cross section of Ghanaians.
The Head of Innovation and Fintech of BoG, Kwame Oppong, noted that the Central Bank is following due process in piloting of the currency, therefore, not taking any risk at all.
The piloting of the e-cedi, which began in September last year, is expected to last for 18 months.
After its roll-out, the e-cedi can be held on smart devices like smartphones as savings and will complement other electronic payment systems including mobile money, but more importantly deepen government’s cash-lite agenda.
Kwame Oppong said this while speaking at the Absa Bank UPSA Law School Quarterly Banking Round Table Discussion.
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‘’We are very cautious to remind everyone that we are running a pilot, we are trying not to test the depth of water with both our feet. And so we want to understand what the dynamics will be. Like I said the technology is straight forward, we are fortunate to have a partner that we carefully selected with 160 years of experience in the currency business and has very sophisticated systems.
“So we are trying to make the right decisions all along. This is very serious and have major implications so we are not taking any risks, we are not taking chances, so we are being very deliberate about it. So when this pilot is over, as a central bank and as a policy institution, we will notify the public about what the next steps are. But just continue to hang in there, follow along as you go through this journey and continue to share your input and feedback as the process goes on,” he remarked.
Meanwhile Chief Risk Officer of Absa Bank Ghana, Adolph Kpegah, also added that banks would be ready to incorporate the e-cedi to their portfolio transaction, adding the financial institution has over the years integrated technology in their operations.
‘’In terms of having the basic steps, yes, I should say the banks generally have what it takes to deploy the e-cedi via the digital means. Assuming, the central bank makes such an announcement today, give a maximum within 18 months to 24 months, all banks will be up and doing in my view so the direct answer to that is yes, absolute confidence the banks will be able to do that,’’ he stated.
