E-cedi must have cross-border transaction capabilities – eTranzact CEO urges

The Chief Executive Officer of eTranzact, John Apea has emphasised the need for Ghana’s digital currency (e-cedi) to have the capability of being used for cross-border transactions.

Currently, Ghana and South Africa are also in the process of rolling out their respective digital currencies.

Contributing to a panel discussion at a Ghana Academy of Arts and Science Forum, Mr. Apea said it is too late to push for a single digital currency across Africa.

“We see Nigeria with the e-Naira, Ghana is piloting the e-cedi. I think the most important thing is that when these pilots are happening, we have to ensure that they can work in cross boarder environment,” he said.

“But basically, when the e-cedi and other digital currencies are being implemented or being created, we have to ensure they are built to be able to work across border. So in that sense I don’t think for now we have to talk about a unified digital currency”, he explained.

“I think we have to see how within our respective African countries, we can have digital currencies that work with fintech companies to reach the entire population,” Mr. Apea added.

Governor of the Bank of Ghana, Dr. Ernest Addison recently revealed that his outfit has begun piloting the e-cedi in Sefwi Asafo in the Western North Region.

The e-cedi is designed as a digital replica of the Ghana cedi notes and coins. It is crafted as a retail token-based digital currency stored in a digital wallet, convertible to Ghana cedis in the form of cash or deposit money on a 1:1 ratio.

This is to say that the owner of e-cedis can redeem them for physical cedis and use it for a variety of payments.

The event was sponsored by UMB as part of their 50th anniversary celebrations.

Source: Myjoyonline