The banking industry is excited about the concept of the e-Cedi or digital cash as 70% of bank executives interviewed are convinced that the use of this form of currency will be prominent within three to five years, the PwC Ghana Banking Survey 2021 has revealed.
Such bank executives of 20 out of 23 banks, however, stressed that user experience will be at the core of product acceptance among the public, and drive demand, use, and penetration.
The survey revealed that the meteoric rise and penetration of mobile money should have lessons for the Central Bank in its e-Cedi project journey.
When asked about expected impact, 95% banking executives agree that the digital currency would impact the banking sector and wider economy positively through a deepening of financial inclusion, providing additional thrust for the country’s digitisation agenda, and improving execution of monetary policy via enhanced control over money supply.
The report also said 75% of senior bank executives interviewed also expressed enthusiasm at the prospects of process optimisation and bigger e-ticket transactions, which can lead to enhanced credit delivery and financial intermediation.