Ghana: Banking sector agrees digital industry currency will impact sector – PWC survey reveals


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As the Bank of Ghana takes steps to introduce e-Cedi or digital money, 70% of bank executives are confident that the use of this form of currency will be predominant within three to five years, a revealed the PwC Ghana Banking Survey 2021.

The survey indicated that these executives from 20 out of 23 banks, however, stressed that user experience will be central to public acceptance of products and will drive demand, use and penetration.

The survey found that the meteoric rise and penetration of mobile money should have lessons for the Bank of Ghana on its e-Cedi project journey.

When asked about the expected impact of the planned introduction, 95% of banking executives agree that digital currency would have a positive impact on the banking sector and the economy in general through deepening financial inclusion, giving a boost supplementing the country’s digitization program and improving the execution of monetary measures. policy through increased control of the money supply.

The report also found that 75 percent of senior bank executives surveyed also expressed enthusiasm at the prospect of process optimization and larger electronic ticket transactions, which could lead to improved credit delivery and credit delivery. financial intermediation.

Surprisingly, a number of bank executives have said they expect the introduction of e-Cedi to facilitate low transaction costs, improved payment security and higher monetary transaction limits. .

“85% of executives participating in the survey stressed that the Bank of Ghana should ensure that the principles of confidentiality, confidentiality and data security are incorporated into the design of the e-Cedi to help strengthen the trust and thus encourage the adoption of digital currency. , when it was launched, ”said the survey.

In addition, according to the survey, 60 percent of bank executives believed that the role played by the central bank in the e-Cedi project would significantly determine the success or otherwise of the e-Cedi.

“The industry therefore looks forward to further consultation and dialogue with the Bank of Ghana, as they believe such consultation will lead to a better understanding of e-Cedi and help them prepare for its successful implementation.” , indicates the survey.

According to the survey, 95% of those surveyed expected the Bank of Ghana to involve the industry in the development of legislation and regulations governing e-Cedi, while 80% expected to that it consults the sector to determine the pricing structure for Products based on e-Cedi.

Despite the general feeling of enthusiasm for the survey responses, the report says the industry had some apprehension about the e-Cedi project as well.

He said 85% of bank executives would like to engage more with the Bank of Ghana to better understand the proposed digital currency and its associated infrastructure requirements.

They noted that there was currently insufficient clarity regarding the legislation / regulations, the technical and financial support that would be made available, and the expected role of banks in deploying the currency. This makes them uncomfortable with any demands that the central bank will impose on them when the e-Cedi is launched.

The survey indicated that 80 percent of bank executives participating in the survey admitted that they were not sure their current technology infrastructure would support the deployment of e-Cedi.

“78% of bank executives said the industry in general is still quite optimistic that it will be fully prepared within two years once the digital currency design form and related infrastructure requirements have passed. been unveiled, ”the report said.

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