Ghana Commercial Bank has now been given the green light by the Bank of Ghana (BoG) to issue electronic money. This is a transaction that is similar to the widely-known mobile money we already have.
The Governor of the Bank of Ghana, Dr. Ernest Addison, revealed this at a press conference in Accra this week. He said, “In its issuance of electronic money, GCB Bank would create electronic value backed by equivalent cash which will afford customers to have access to electronic wallets issued by GCB Bank.”
The Governor went ahead to say that this is not a form of cryptocurrency. He clarified that “It is just electronic money backed by currency. So GCB cannot create money; they are only having an electronic representation of the cedi that the Bank of Ghana puts into circulation. So it is not crypto.”
In related news, fintech and mobile money operators are also required to go for a license from the Bank of Ghana.