operators nor will it have any negative effects on those operations. Instead, the central bank anticipates that the digital currency would "fast-track cross-border trade" and increase the efficiency of Ghana's settlement procedures.

CBDC to Complement Mobile Money

Concerns that the introduction of the central bank digital currency (CBDC), also known as the e-cedi, could have a negative effect on the operations of mobile money providers have been addressed by the Bank of Ghana (MNO). Clarence Blay, assistant director of fintech and innovation at the Bank of Ghana (BOG), stated that the country's central bank would make sure that the operations of MNOs are not disrupted in a speech that he recently delivered at a stakeholder's forum that was held not too long ago.

According to the report published by Joy Online, Blay is cited elaborating on the guiding principles that the BOG is using as it moves forward with plans to launch the CBDC. According to reports, he stated:

When it comes to the rollout of the e-cedi, one of the most important guiding principles for the central bank is to ensure that it will complement the mobile money operations that are already in place. The e-cedi will not take the place of already established platforms; rather, it will improve mobile money services by making them more dynamic and efficient.

It has been reported that the assistant director stated that the CBDC will improve the operational capabilities of MNOs in addition to making mobile money services more effective. According to the paper, increasing support for MNOs will, in turn, improve financial inclusion.

The Operators of Mobile Money Are Required to Adopt CBDC

Some of the stakeholders in the Kenyan mobile money market have "attested that the e-cedi or CBDC will help in cost reduction," according to Blay. They have also asserted that the use of digital currency will strengthen interoperability while also improving the effectiveness of settlements.

While this is going on, Eli Hini, CEO of Mobile Money Ghana Limited, is quoted in the same report as saying that if CBDC is implemented correctly, it will bring benefits to the operations of MNOs. [Citation needed] Additionally, there is the hope that the e-cedi "will expedite trading across borders while simultaneously lowering the risk of transporting large amounts of currency."

As a result, Hini urged companies in the mobile money ecosystem to prepare their businesses for the likely arrival of the e-cedi rather than being afraid of the CBDC.