Dr. Bawumia tasks Banks to develop specific E-cedi products to meet consumer tastes – Citi Business News

Vice President Dr. Mahamudu Bawumia has tasked the banking community to be proactive in developing specific digital products for different types of customers with the introduction of the e-cedi.

Speaking at the 25th National Banking Conference under the theme, “The Digital Economy of Ghana, the Strategic Role of the Banking Industry” Dr. Bawumia said, the launch of Ghana’s universal QR codes, “and hopefully the introduction of the central bank digital currency, the e-cedi will go a long way to push the cash-lite agenda”.

“With the introduction of the e-cedi in the offing, commercial banks should be proactive in developing digital assets and products for different categories of customers. Banks should also leverage on the digitization agenda of the government to improve credit to the private sector” the Vice President added.

The government has adopted digitization as a key policy and has recently introduced a number of programs including the Ghana Post digital address system, mobile money interoperability and the e-cedi which is yet to be operational, in order to develop a more digitally accessible public sector and encourage transparency.

The digital Cedi, or ‘e-Cedi’, is intended to complement and serve as a digital alternative to physical cash, thus driving the Ghanaian cash lite agenda through the promotion of diverse digital payments, while ensuring a secure and robust payment infrastructure in Ghana.

It also aims to facilitate payments without a bank account, contact, or smartphone, by so doing boosting the use of digital services and financial inclusion amongst all demographic groups.

The Chartered Institute of Bankers, organizers of the National Banking Conference further added that it is ready to work together to build a robust cyberspace that would win the trust of clients and stakeholders in our Digital economy.

The wave of the fourth industrial revolution has propelled many industry players to either digitize or digitalize their operations in order to create convenience and value for their clients and shareholders.

The digitalization efforts are however coming at a time when criminal activities in the cyberspace are on the ascendency.

Also speaking at the 25th Annual National Banking Conference, President Of Chartered Institute of Bankers, Right Rev. Patricia Sappor reiterated the institutes’ commitment to helping fight crime in that space.

“I am also aware some banks have plugged into the platform which offers a one-stop-shop for the settlement and payment of statutory obligations by citizens. With the collaboration of the banks, this would promote the cash-lite/cashless economy and reduce challenges associated with the handling of cash. With the drive to digitalize our economy comes the threats associated with cyber activities. I am confident that the Chartered Institution of Bankers, banks and the government will continue to work together to build a robust cyberspace which would win the trust of all clients and stakeholders in our Digital economy.”

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