• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, May 18, 2022
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
No Result
View All Result

Vodafone Cash Platform Selected for eCedi Piloting

March 26, 2022
Stephen KotochiebyStephen Kotochie
in Finance
0
Vodafone Cash Platform Selected for eCedi Piloting

Vodafone Ghana’s mobile money platform, Vodafone Cash, has been selected by the Bank of Ghana (BoG) among several entities to pilot the Central Bank’s Digital Currency (CBDC), eCedi.

The Bank of Ghana made this known in a statement responding to the concerns raised by players in the electronic money issuing space that the Central Bank is attempting to reduce the influence of mobile money to boost the bank’s new proposed eCedi.

BoG described the concerns as unfortunate, saying that “the underlying principle for rolling out the eCedi is to ensure that no stakeholder is short-changed. So, it is quite strange that any industry player would suggest that eCedi has been designed to hurt mobile money.”

RelatedPosts

Formulate Policies on Aging By Leveraging Available Data- Head of Demographics Statistics

NBC Ghana Trust Launches New Pension Product, Sets to Enroll 100,000 Workers

Fidelity Bank launches ‘Yenko Dubai’ Promo for its agents

“Our whole model is a do no harm strategy, and add value…Vodafone Cash is in the pilot. So, it cannot be said that eCedi will harm Mobile Money.”

BoG

The concerns raised by industry players was on the basis of portions of the recent eCedi Design Paper released by the Central Bank, particularly two statements under Chapters 5 and 7 of the paper. According to these players, under Chapter 5, BoG made statements like “mitigate potential risks for the banking system disintermediation”, and in Chapter 7, it also said “The architecture model for the eCedi proposed by the BoG was developed with the aim of preserving the existing financial service landscape in view of the critical role of banks”.

These, concerned industry players feared that those two statements meant eCedi is designed to restore the dwindling influence of banks in the financial transaction intermediation, which is currently dominated by mobile money and the EMI players as a whole.

BoG Plans to Engage Players in the MoMo Industry

They also raised concerns about the lack of engagement with the industry players on the implementation of the eCedi.

Nonetheless, BoG explained that disintermediation of banks has to do with the choice between Central Bank holding the cash in accounts that they opened for customers at the commercial banks and also for fintechs to provide apps etc. for consumers to spend the money directly from the Central Bank or the token/value based model where the funds sit in accounts with the commercial banks.

“We chose the second model. That is what we meant by mitigating the disintermediation of banks. That way, the banks have deposits with which they can lend. It is never about reducing the influence of EMIs.

“We didn’t expect industry experts on the banking or fintech side to raise these concerns because we are actually hoping that this can help solve many of the mobile money players’ liquidity management problems and enhance their profitability significantly.”

BoG

On the issue of lack of engagement, BoG noted that the plan was to first issue the design paper for people to read before engagements begin.

BoG, moreover, hinted that there is a whole media and education plan to be executed following the release of the Design Paper.

Meanwhile, contrary to the fears of the industry players, the Design Paper lists specific benefits of eCedi to Fintech companies and even their agents.

The Central Bank indicated that the eCedi ecosystem will further boost financial inclusion by potentially curing existing pain points; specifically, liquidity challenges with deferred net settlement of mobile money interoperability transactions.

READ ALSO: Experts React To Measures Outlined By Gov’t To Fix Economic Challenges

Tags: Bank of GhanaCentral Bank's Digital CurrencyeCedi ecosystemVodafone cash

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

Formulate Policies on Aging By Leveraging Available Data- Head of Demographics Statistics
Pension

Formulate Policies on Aging By Leveraging Available Data- Head of Demographics Statistics

May 17, 2022
NBC Ghana Trust Launches New Pension Product, Sets to Enroll 100,000 Workers
Pension

NBC Ghana Trust Launches New Pension Product, Sets to Enroll 100,000 Workers

May 16, 2022
Fidelity Bank launches ‘Yenko Dubai’ Promo for its agents
Banking

Fidelity Bank launches ‘Yenko Dubai’ Promo for its agents

May 16, 2022
Sanlam Partners Allianz to Create African Insurance Giant
Insurance

Sanlam Partners Allianz to Create African Insurance Giant

May 13, 2022
Microfinance Institutions Undergo Cyber Security Training
Banking

Microfinance Institutions Undergo Cyber Security Training

May 12, 2022
Banks To Incorporate Lenders’ Rights Of Enforcement Of Loans In Credit Agreements
Banking

Banks Urged To Incorporate Lenders’ Rights Of Enforcement Of Loans In Credit Agreements

May 12, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

I’m recuperating after being poisoned third time– Mr. Ibu

Next Post

Scientists Develop ‘Healthier and Greener’ Substitute For Palm Oil

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
National Hospital Speaks On Osinachi's Corpse Singing 'Ekwueme' At Night
Entertainment

National Hospital Reacts to Claims of Osinachi’s Corpse Singing ‘Ekwueme’ At Night

by Dorcas DamehMay 18, 2022
Netflix
USA

Netflix Cuts 150 US-based Jobs After Loosing Subscribers

by Edem NyonatorMay 18, 2022
forest
Extractives/Energy

Ghana: Rescind EI 144 and Preserve Integrity of Achimota Forest- Group to President

by Stephen AbankwahMay 18, 2022
GSE Blue chips Bounce Back, Buoy up Benchmark
Securities/Markets

GSE Blue chips Bounce Back, Buoy up Benchmark

by Stephen M.CMay 18, 2022
Legal Counsels For Petition Being Partisan And Polarized- Prof Gyampo
General News

We Must Deal With Internally Generated Terrorizing Principles- Ransford Gyampo

by Priscilla KorantengMay 18, 2022
Genetically Modified Food, a Step Closer in Ghana- First GMO Crop to Be Approved
Agribusiness

Genetically Modified Food, a Step Closer in Ghana- First GMO Crop to Be Approved

by Deborah Dzifah TamakloeMay 18, 2022
National Hospital Speaks On Osinachi's Corpse Singing 'Ekwueme' At Night
Netflix
forest
GSE Blue chips Bounce Back, Buoy up Benchmark
Legal Counsels For Petition Being Partisan And Polarized- Prof Gyampo
Genetically Modified Food, a Step Closer in Ghana- First GMO Crop to Be Approved
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In