Vodafone’s mobile financial service, Vodafone Cash, has introduced a unique credit option called ‘Vodafone Cash Overdraft.’

This feature enables customers to seamlessly borrow money to complete specific transactions without experiencing a decline due to insufficient funds.

This new service offers Vodafone customers much more convenience while purchasing a bundle, paying bills, and sending money across all networks, as it eliminates the abrupt drop customers experience during a transaction because of inadequate funds.

Commenting on the new service, David Umoh, Director of Consumer Business Unit at Vodafone Ghana, said:

“Innovation is one of our fundamental tenets as a technology organisation. This is why we continue designing products and services that create customer value. Vodafone Cash Overdraft is no different. The service aims to provide customers with instant cash to perform their important daily transactions.

“I am confident that this new service will provide customers with convenience and improve financial inclusion in the country. I urge all Vodafone customers to take advantage of this new offer to enjoy enhanced financial services.”

The 30-day credit service, which is underwritten by Consolidated Bank Ghana, has a 0.23% daily interest and has been provisioned to deduct from customers’ Vodafone Cash wallets when they load up their accounts.

Since its inception, Vodafone has been focused on helping liberalise the mobile money platform to embrace all and sundry.

In line with this objective, Vodafone Cash has been proactive in the introduction of innovative and industry-first initiatives and campaigns to promote financial inclusion.

These include the complete waiver of charges on money transferred to any network via Vodafone Cash. This service has brought a great deal of relief to Ghanaians following the introduction of e-levy.

Source: MyJoyOnline

Director, Network Service Operations and Enterprise at Airtel Tigo has described as a national security threat, nationwide theft of equipment and telecom materials of Telecommunication companies. He added that the menace has the potential to plunge the country into chaos.

Mr. Stephen Zoroaster’s warning comes as a Kumasi Circuit Court granted bail to two persons, accused of posing as engineers of the company with the intention to steal equipment at a cell site at Atimatim, a suburb of Kumasi.

AirtelTigo has recorded 68 of such theft cases across the country in the last 2-years.

“Since August, 2020, we have had 68 theft cases where they go and they scatter everything; sometimes everything in our cabinet,” Mr. Zoroaster said.

Mobile telephony firms continue to reel under the negative impact of equipment and material thefts at their cell sites.

“We need to replace all the equipment stolen and that takes money. Sometimes, they need to be manufactured and all these take time,” he said.

“Imagine the impacts on the people whilst these services are down. We are providing AirtelTigo money. As a service, we are providing voice service; we are providing enterprise services to businesses. When these theft cases happen, all the businesses, all the people within the specific area where the theft impacted, all the services go down. Sometimes it takes days and even week to get the services restored,” Mr. Zoroaster bemoaned.

The suspects
Felix Dugan Apprey and his accomplice, identified only as Annor, posed as engineers of AirtelTigo, climbed the company’s mast and succeeded in allegedly removing a Radio Transceiver equipment at the cell site at Atimatim in the Ashanti region on April 20, 2022. Some workers of the firm blew the alarm leading to their arrest.

The duo made their second appearance before a Kumasi Circuit Court on Thursday and were granted bail in the sum of GHC200,000 with two sureties to be justified.

The Court asked Police prosecutors to furnish defense counsel with all disclosures and witness statements to set the stage for a Case Management Conference. Mr. Stephen Zoroaster bemoaned the frequency of such attacks.

“The impact is on the economy; the impact is on national security due to the activities of these unscrupulous Ghanaians.” Hearing resumes on July 12, 2022.

Source: Ohemeng Tawiah(MyJoyOnline)

AirtelTigo is set to reward its customers with over ¢1.0 million in the “To Gu Me So” Reloaded Promotion launched today.

To Gu Me So Reloaded is a target-based promo designed to reward customers with weekly cash prizes, and this edition seeks to provide equal opportunities for all.

The promotion will run from 6th June 2022, through to middle of September 2022 and thousands of customers across the country will be rewarded weekly.

Unveiling the promotion, Chief Marketing Officer of AirtelTigo, Atul Narain Singh said, “last year, with the introduction of AirtelTigo “To Gu Me So”, we were able to make the lives of our customers better by showering on them lots of cash, call minutes, and data. This is evident in the testimonials we received from customers all over the country.”

He continued, “Based on feedback from our customers and the success of last year’s To Gu Me So, we are excited to introduce to you today, a reloaded version of the promo dubbed “AirtelTigo To Gu Me So Reloaded” with the aim of rewarding thousands of customers in the course of the promo.

Airteltigo ‘To Gu me so’ reloaded to expend over ¢1m in cash prizes
Expounding further on how the promotion works, Abubakari Halidu, Chief Sales Officer at AirtelTigo said, “Customers will be assigned two weekly targets: One for AirtelTigo Money (ATMoney) and another for Voice/Data Usage. Customers who achieve the ATMoney target will receive 10 tickets to enter the weekly draw, while achieving their Voice/Data targets will get them five tickets. Customers achieving both targets will get 20 tickets to enter the weekly draw. All the accumulated tickets during the promo will be added to the grand prize draw to increase the chances to the grand draw”.

He noted that customers must dial *500# to check their targets, do more ATMoney: Cash transfers, payments & cash withdrawals, make more calls, browse more, buy more bundles and subscribe to Value-Added Services to meet their unique targets to earn tickets to enter the weekly and grand draw.

“It is important to note that this promo is for AirtelTigo prepaid customers who are 18 years or above. Since this promo is based on chance, we are working with the Gaming Commission of Ghana to provide a reliable and transparent method of selecting winners in weekly and grand draws”, he reiterated.

The AirtelTigo To Gu Me So Reloaded Promo will reward customers every week with Cash Prizes till the end of the promo in September 2022 when the Grand Cash Prizes of ¢125,000, ¢50,000 and ¢25,000 would be rewarded to the Overall Winner, First and Second Runners-Ups respectively.”

Source: Joy Business

Banks and telecommunications companies have commissioned separate assessments into the potential impact of the eCedi on their operations, particularly the mobile money services (MOMO).
The outcomes are to enable the two major players to strategize how to maximize the gains and minimize the challenges that the digital cedi could pose to their businesses.

The Chief Executive Officers (CEOs) of the Ghana Telecommunications Chamber (GTC), Dr Ken Ashigbey and the Ghana Association of Bankers (GAB), John Awuah, disclosed this to the Daily Graphic in separate interviews last week.

MOMO angle
Dr Ashigbey and Mr Awuah said the assessments would focus mainly on the potential impact of the Central Bank Digital Currency (CBDC) on MOMO to both the banks and the telcos, as well as the possible effects of the eCedi on cash management among lenders.

They said the studies would also seek to increase the knowledge of the two sectors on the ecosystem and the general operational structure of the eCedi to help prepare members to participate fully in the rollout.

The two CEOs of the umbrella groups added that the outcomes of the assessments would inform the approach that banks and telcos should adopt in the lead up to the rollout of the eCedi.

Pilot phase
Dr Ashigbey and Mr Awuah were speaking to the paper after information emerged that the BoG was piloting the eCedi.

The Governor of the BoG, Dr Ernest Addison, said on May 30 that selected consumers at Sefwi Asafo, a farming community in the Western North Region, had started using the country’s digital currency to purchase goods and services, including food.

Dr Addison said the users, mostly inhabitants, were the privileged few chosen to pilot the eCedi that the central bank had been betting big on to help expand financial inclusion and drive up digitalization.

Participation
The CEO of the GTC said the chamber was aware of the pilot process, with Vodafone being the telco among the participating institutions.

“We have had some engagements with the regulator on the entire thing, including the pilot.

“With any new technology, there are positives and negatives and that is what we are trying to understand more,” Dr Ashigbey said.

“I am trying to get my members to look into the whole concept and see what it holds for us. Vodafone too will share their experiences for us to see what to improve upon,” he said. He added that while the eCedi presented opportunities to the telcos, it also presented challenges, hence the need for a comprehensive study into how it could affect the telecom industry.

On the potential impact of the eCedi on MOMO, the CEO of the GTC said it was too early to say.

“That is why we want to study it and see. The eCedi can have an effect on MOMO operations but there are ways that it can be deployed for MOMO to benefit, especially in the areas of settlement,” Dr Ashigbey said.

Benefits
On his part, Mr Awuah of the GAB said banks saw the CBDC as beneficiary to their operations and were putting in place efforts to maximize the gains.

The CEO of the association said the digital cedi would complement the cedi notes, thereby impacting positively on currency management.

He said increased use of the eCedi could lead to a reduction in the currency management costs of the lenders as less banknotes would be processed and carted around.

“It will help drive the cash-lite society too. Again, people will have the tokens of the eCedi on their phones, not physical cash, where they can be subjects of attack.

“It will help with distribution of bulk cash. If you need funds in Tamale, you do not have to transport bulk cash there.

“You can just request the amount in the digital form and it will be sent,” he said.

These notwithstanding, Mr Awuah said banks were not sure of the full impact of the eCedi on their general operations.

Consequently, he said, “We are still assessing its impact, including on MOMO and the likes.”

eCedi replaces MOMO?
When asked if the eCedi could impact negatively on MOMO, Mr Awuah said, “I will not say it is going to complement MOMO. The cash-in and cash-out may be affected because this is fiat cash and you cannot withdraw.

“It will not replace MOMO. I do not see eCedi reversing or cannabalizing MOMO but that is why the assessment is being done to study the impact.

“We are commissioning a report on it. We are just trying to understand the ecosystem to see how it will affect our operations,” the CEO of the GAB said.

Source: Maxwell Akalaare Adombila(Graphic Business News)

Vodafone’s mobile financial service, Vodafone Cash, has introduced a unique credit option called ‘Vodafone Cash Overdraft.’

This feature enables customers to seamlessly borrow money to complete specific transactions without experiencing a decline due to insufficient funds.

This new service offers Vodafone customers much more convenience while purchasing a bundle, paying bills, and sending money across all networks, as it eliminates the abrupt drop customers experience during a transaction because of inadequate funds.

Commenting on the new service, David Umoh, Director of Consumer Business Unit at Vodafone Ghana, said:

“Innovation is one of our fundamental tenets as a technology organisation. This is why we continue designing products and services that create customer value. Vodafone Cash Overdraft is no different. The service aims to provide customers with instant cash to perform their important daily transactions.

“I am confident that this new service will provide customers with convenience and improve financial inclusion in the country. I urge all Vodafone customers to take advantage of this new offer to enjoy enhanced financial services.”

The 30-day credit service, which is underwritten by Consolidated Bank Ghana, has a 0.23% daily interest and has been provisioned to deduct from customers’ Vodafone Cash wallets when they load up their accounts.

Since its inception, Vodafone has been focused on helping liberalise the mobile money platform to embrace all and sundry.

In line with this objective, Vodafone Cash has been proactive in the introduction of innovative and industry-first initiatives and campaigns to promote financial inclusion.

These include the complete waiver of charges on money transferred to any network via Vodafone Cash. This service has brought a great deal of relief to Ghanaians following the introduction of e-levy.

Source: MyJoyOnline

Director, Network Service Operations and Enterprise at Airtel Tigo has described as a national security threat, nationwide theft of equipment and telecom materials of Telecommunication companies. He added that the menace has the potential to plunge the country into chaos.

Mr. Stephen Zoroaster’s warning comes as a Kumasi Circuit Court granted bail to two persons, accused of posing as engineers of the company with the intention to steal equipment at a cell site at Atimatim, a suburb of Kumasi.

AirtelTigo has recorded 68 of such theft cases across the country in the last 2-years.

“Since August, 2020, we have had 68 theft cases where they go and they scatter everything; sometimes everything in our cabinet,” Mr. Zoroaster said.

Mobile telephony firms continue to reel under the negative impact of equipment and material thefts at their cell sites.

“We need to replace all the equipment stolen and that takes money. Sometimes, they need to be manufactured and all these take time,” he said.

“Imagine the impacts on the people whilst these services are down. We are providing AirtelTigo money. As a service, we are providing voice service; we are providing enterprise services to businesses. When these theft cases happen, all the businesses, all the people within the specific area where the theft impacted, all the services go down. Sometimes it takes days and even week to get the services restored,” Mr. Zoroaster bemoaned.

The suspects
Felix Dugan Apprey and his accomplice, identified only as Annor, posed as engineers of AirtelTigo, climbed the company’s mast and succeeded in allegedly removing a Radio Transceiver equipment at the cell site at Atimatim in the Ashanti region on April 20, 2022. Some workers of the firm blew the alarm leading to their arrest.

The duo made their second appearance before a Kumasi Circuit Court on Thursday and were granted bail in the sum of GHC200,000 with two sureties to be justified.

The Court asked Police prosecutors to furnish defense counsel with all disclosures and witness statements to set the stage for a Case Management Conference. Mr. Stephen Zoroaster bemoaned the frequency of such attacks.

“The impact is on the economy; the impact is on national security due to the activities of these unscrupulous Ghanaians.” Hearing resumes on July 12, 2022.

Source: Ohemeng Tawiah(MyJoyOnline)

AirtelTigo is set to reward its customers with over ¢1.0 million in the “To Gu Me So” Reloaded Promotion launched today.

To Gu Me So Reloaded is a target-based promo designed to reward customers with weekly cash prizes, and this edition seeks to provide equal opportunities for all.

The promotion will run from 6th June 2022, through to middle of September 2022 and thousands of customers across the country will be rewarded weekly.

Unveiling the promotion, Chief Marketing Officer of AirtelTigo, Atul Narain Singh said, “last year, with the introduction of AirtelTigo “To Gu Me So”, we were able to make the lives of our customers better by showering on them lots of cash, call minutes, and data. This is evident in the testimonials we received from customers all over the country.”

He continued, “Based on feedback from our customers and the success of last year’s To Gu Me So, we are excited to introduce to you today, a reloaded version of the promo dubbed “AirtelTigo To Gu Me So Reloaded” with the aim of rewarding thousands of customers in the course of the promo.

Airteltigo ‘To Gu me so’ reloaded to expend over ¢1m in cash prizes
Expounding further on how the promotion works, Abubakari Halidu, Chief Sales Officer at AirtelTigo said, “Customers will be assigned two weekly targets: One for AirtelTigo Money (ATMoney) and another for Voice/Data Usage. Customers who achieve the ATMoney target will receive 10 tickets to enter the weekly draw, while achieving their Voice/Data targets will get them five tickets. Customers achieving both targets will get 20 tickets to enter the weekly draw. All the accumulated tickets during the promo will be added to the grand prize draw to increase the chances to the grand draw”.

He noted that customers must dial *500# to check their targets, do more ATMoney: Cash transfers, payments & cash withdrawals, make more calls, browse more, buy more bundles and subscribe to Value-Added Services to meet their unique targets to earn tickets to enter the weekly and grand draw.

“It is important to note that this promo is for AirtelTigo prepaid customers who are 18 years or above. Since this promo is based on chance, we are working with the Gaming Commission of Ghana to provide a reliable and transparent method of selecting winners in weekly and grand draws”, he reiterated.

The AirtelTigo To Gu Me So Reloaded Promo will reward customers every week with Cash Prizes till the end of the promo in September 2022 when the Grand Cash Prizes of ¢125,000, ¢50,000 and ¢25,000 would be rewarded to the Overall Winner, First and Second Runners-Ups respectively.”

Source: Joy Business

Banks and telecommunications companies have commissioned separate assessments into the potential impact of the eCedi on their operations, particularly the mobile money services (MOMO).
The outcomes are to enable the two major players to strategize how to maximize the gains and minimize the challenges that the digital cedi could pose to their businesses.

The Chief Executive Officers (CEOs) of the Ghana Telecommunications Chamber (GTC), Dr Ken Ashigbey and the Ghana Association of Bankers (GAB), John Awuah, disclosed this to the Daily Graphic in separate interviews last week.

MOMO angle
Dr Ashigbey and Mr Awuah said the assessments would focus mainly on the potential impact of the Central Bank Digital Currency (CBDC) on MOMO to both the banks and the telcos, as well as the possible effects of the eCedi on cash management among lenders.

They said the studies would also seek to increase the knowledge of the two sectors on the ecosystem and the general operational structure of the eCedi to help prepare members to participate fully in the rollout.

The two CEOs of the umbrella groups added that the outcomes of the assessments would inform the approach that banks and telcos should adopt in the lead up to the rollout of the eCedi.

Pilot phase
Dr Ashigbey and Mr Awuah were speaking to the paper after information emerged that the BoG was piloting the eCedi.

The Governor of the BoG, Dr Ernest Addison, said on May 30 that selected consumers at Sefwi Asafo, a farming community in the Western North Region, had started using the country’s digital currency to purchase goods and services, including food.

Dr Addison said the users, mostly inhabitants, were the privileged few chosen to pilot the eCedi that the central bank had been betting big on to help expand financial inclusion and drive up digitalization.

Participation
The CEO of the GTC said the chamber was aware of the pilot process, with Vodafone being the telco among the participating institutions.

“We have had some engagements with the regulator on the entire thing, including the pilot.

“With any new technology, there are positives and negatives and that is what we are trying to understand more,” Dr Ashigbey said.

“I am trying to get my members to look into the whole concept and see what it holds for us. Vodafone too will share their experiences for us to see what to improve upon,” he said. He added that while the eCedi presented opportunities to the telcos, it also presented challenges, hence the need for a comprehensive study into how it could affect the telecom industry.

On the potential impact of the eCedi on MOMO, the CEO of the GTC said it was too early to say.

“That is why we want to study it and see. The eCedi can have an effect on MOMO operations but there are ways that it can be deployed for MOMO to benefit, especially in the areas of settlement,” Dr Ashigbey said.

Benefits
On his part, Mr Awuah of the GAB said banks saw the CBDC as beneficiary to their operations and were putting in place efforts to maximize the gains.

The CEO of the association said the digital cedi would complement the cedi notes, thereby impacting positively on currency management.

He said increased use of the eCedi could lead to a reduction in the currency management costs of the lenders as less banknotes would be processed and carted around.

“It will help drive the cash-lite society too. Again, people will have the tokens of the eCedi on their phones, not physical cash, where they can be subjects of attack.

“It will help with distribution of bulk cash. If you need funds in Tamale, you do not have to transport bulk cash there.

“You can just request the amount in the digital form and it will be sent,” he said.

These notwithstanding, Mr Awuah said banks were not sure of the full impact of the eCedi on their general operations.

Consequently, he said, “We are still assessing its impact, including on MOMO and the likes.”

eCedi replaces MOMO?
When asked if the eCedi could impact negatively on MOMO, Mr Awuah said, “I will not say it is going to complement MOMO. The cash-in and cash-out may be affected because this is fiat cash and you cannot withdraw.

“It will not replace MOMO. I do not see eCedi reversing or cannabalizing MOMO but that is why the assessment is being done to study the impact.

“We are commissioning a report on it. We are just trying to understand the ecosystem to see how it will affect our operations,” the CEO of the GAB said.

Source: Maxwell Akalaare Adombila(Graphic Business News)

Vodafone’s mobile financial service, Vodafone Cash, has introduced a unique credit option called ‘Vodafone Cash Overdraft.’

This feature enables customers to seamlessly borrow money to complete specific transactions without experiencing a decline due to insufficient funds.

This new service offers Vodafone customers much more convenience while purchasing a bundle, paying bills, and sending money across all networks, as it eliminates the abrupt drop customers experience during a transaction because of inadequate funds.

Commenting on the new service, David Umoh, Director of Consumer Business Unit at Vodafone Ghana, said:

“Innovation is one of our fundamental tenets as a technology organisation. This is why we continue designing products and services that create customer value. Vodafone Cash Overdraft is no different. The service aims to provide customers with instant cash to perform their important daily transactions.

“I am confident that this new service will provide customers with convenience and improve financial inclusion in the country. I urge all Vodafone customers to take advantage of this new offer to enjoy enhanced financial services.”

The 30-day credit service, which is underwritten by Consolidated Bank Ghana, has a 0.23% daily interest and has been provisioned to deduct from customers’ Vodafone Cash wallets when they load up their accounts.

Since its inception, Vodafone has been focused on helping liberalise the mobile money platform to embrace all and sundry.

In line with this objective, Vodafone Cash has been proactive in the introduction of innovative and industry-first initiatives and campaigns to promote financial inclusion.

These include the complete waiver of charges on money transferred to any network via Vodafone Cash. This service has brought a great deal of relief to Ghanaians following the introduction of e-levy.

Source: MyJoyOnline

Director, Network Service Operations and Enterprise at Airtel Tigo has described as a national security threat, nationwide theft of equipment and telecom materials of Telecommunication companies. He added that the menace has the potential to plunge the country into chaos.

Mr. Stephen Zoroaster’s warning comes as a Kumasi Circuit Court granted bail to two persons, accused of posing as engineers of the company with the intention to steal equipment at a cell site at Atimatim, a suburb of Kumasi.

AirtelTigo has recorded 68 of such theft cases across the country in the last 2-years.

“Since August, 2020, we have had 68 theft cases where they go and they scatter everything; sometimes everything in our cabinet,” Mr. Zoroaster said.

Mobile telephony firms continue to reel under the negative impact of equipment and material thefts at their cell sites.

“We need to replace all the equipment stolen and that takes money. Sometimes, they need to be manufactured and all these take time,” he said.

“Imagine the impacts on the people whilst these services are down. We are providing AirtelTigo money. As a service, we are providing voice service; we are providing enterprise services to businesses. When these theft cases happen, all the businesses, all the people within the specific area where the theft impacted, all the services go down. Sometimes it takes days and even week to get the services restored,” Mr. Zoroaster bemoaned.

The suspects
Felix Dugan Apprey and his accomplice, identified only as Annor, posed as engineers of AirtelTigo, climbed the company’s mast and succeeded in allegedly removing a Radio Transceiver equipment at the cell site at Atimatim in the Ashanti region on April 20, 2022. Some workers of the firm blew the alarm leading to their arrest.

The duo made their second appearance before a Kumasi Circuit Court on Thursday and were granted bail in the sum of GHC200,000 with two sureties to be justified.

The Court asked Police prosecutors to furnish defense counsel with all disclosures and witness statements to set the stage for a Case Management Conference. Mr. Stephen Zoroaster bemoaned the frequency of such attacks.

“The impact is on the economy; the impact is on national security due to the activities of these unscrupulous Ghanaians.” Hearing resumes on July 12, 2022.

Source: Ohemeng Tawiah(MyJoyOnline)

AirtelTigo is set to reward its customers with over ¢1.0 million in the “To Gu Me So” Reloaded Promotion launched today.

To Gu Me So Reloaded is a target-based promo designed to reward customers with weekly cash prizes, and this edition seeks to provide equal opportunities for all.

The promotion will run from 6th June 2022, through to middle of September 2022 and thousands of customers across the country will be rewarded weekly.

Unveiling the promotion, Chief Marketing Officer of AirtelTigo, Atul Narain Singh said, “last year, with the introduction of AirtelTigo “To Gu Me So”, we were able to make the lives of our customers better by showering on them lots of cash, call minutes, and data. This is evident in the testimonials we received from customers all over the country.”

He continued, “Based on feedback from our customers and the success of last year’s To Gu Me So, we are excited to introduce to you today, a reloaded version of the promo dubbed “AirtelTigo To Gu Me So Reloaded” with the aim of rewarding thousands of customers in the course of the promo.

Airteltigo ‘To Gu me so’ reloaded to expend over ¢1m in cash prizes
Expounding further on how the promotion works, Abubakari Halidu, Chief Sales Officer at AirtelTigo said, “Customers will be assigned two weekly targets: One for AirtelTigo Money (ATMoney) and another for Voice/Data Usage. Customers who achieve the ATMoney target will receive 10 tickets to enter the weekly draw, while achieving their Voice/Data targets will get them five tickets. Customers achieving both targets will get 20 tickets to enter the weekly draw. All the accumulated tickets during the promo will be added to the grand prize draw to increase the chances to the grand draw”.

He noted that customers must dial *500# to check their targets, do more ATMoney: Cash transfers, payments & cash withdrawals, make more calls, browse more, buy more bundles and subscribe to Value-Added Services to meet their unique targets to earn tickets to enter the weekly and grand draw.

“It is important to note that this promo is for AirtelTigo prepaid customers who are 18 years or above. Since this promo is based on chance, we are working with the Gaming Commission of Ghana to provide a reliable and transparent method of selecting winners in weekly and grand draws”, he reiterated.

The AirtelTigo To Gu Me So Reloaded Promo will reward customers every week with Cash Prizes till the end of the promo in September 2022 when the Grand Cash Prizes of ¢125,000, ¢50,000 and ¢25,000 would be rewarded to the Overall Winner, First and Second Runners-Ups respectively.”

Source: Joy Business

Banks and telecommunications companies have commissioned separate assessments into the potential impact of the eCedi on their operations, particularly the mobile money services (MOMO).
The outcomes are to enable the two major players to strategize how to maximize the gains and minimize the challenges that the digital cedi could pose to their businesses.

The Chief Executive Officers (CEOs) of the Ghana Telecommunications Chamber (GTC), Dr Ken Ashigbey and the Ghana Association of Bankers (GAB), John Awuah, disclosed this to the Daily Graphic in separate interviews last week.

MOMO angle
Dr Ashigbey and Mr Awuah said the assessments would focus mainly on the potential impact of the Central Bank Digital Currency (CBDC) on MOMO to both the banks and the telcos, as well as the possible effects of the eCedi on cash management among lenders.

They said the studies would also seek to increase the knowledge of the two sectors on the ecosystem and the general operational structure of the eCedi to help prepare members to participate fully in the rollout.

The two CEOs of the umbrella groups added that the outcomes of the assessments would inform the approach that banks and telcos should adopt in the lead up to the rollout of the eCedi.

Pilot phase
Dr Ashigbey and Mr Awuah were speaking to the paper after information emerged that the BoG was piloting the eCedi.

The Governor of the BoG, Dr Ernest Addison, said on May 30 that selected consumers at Sefwi Asafo, a farming community in the Western North Region, had started using the country’s digital currency to purchase goods and services, including food.

Dr Addison said the users, mostly inhabitants, were the privileged few chosen to pilot the eCedi that the central bank had been betting big on to help expand financial inclusion and drive up digitalization.

Participation
The CEO of the GTC said the chamber was aware of the pilot process, with Vodafone being the telco among the participating institutions.

“We have had some engagements with the regulator on the entire thing, including the pilot.

“With any new technology, there are positives and negatives and that is what we are trying to understand more,” Dr Ashigbey said.

“I am trying to get my members to look into the whole concept and see what it holds for us. Vodafone too will share their experiences for us to see what to improve upon,” he said. He added that while the eCedi presented opportunities to the telcos, it also presented challenges, hence the need for a comprehensive study into how it could affect the telecom industry.

On the potential impact of the eCedi on MOMO, the CEO of the GTC said it was too early to say.

“That is why we want to study it and see. The eCedi can have an effect on MOMO operations but there are ways that it can be deployed for MOMO to benefit, especially in the areas of settlement,” Dr Ashigbey said.

Benefits
On his part, Mr Awuah of the GAB said banks saw the CBDC as beneficiary to their operations and were putting in place efforts to maximize the gains.

The CEO of the association said the digital cedi would complement the cedi notes, thereby impacting positively on currency management.

He said increased use of the eCedi could lead to a reduction in the currency management costs of the lenders as less banknotes would be processed and carted around.

“It will help drive the cash-lite society too. Again, people will have the tokens of the eCedi on their phones, not physical cash, where they can be subjects of attack.

“It will help with distribution of bulk cash. If you need funds in Tamale, you do not have to transport bulk cash there.

“You can just request the amount in the digital form and it will be sent,” he said.

These notwithstanding, Mr Awuah said banks were not sure of the full impact of the eCedi on their general operations.

Consequently, he said, “We are still assessing its impact, including on MOMO and the likes.”

eCedi replaces MOMO?
When asked if the eCedi could impact negatively on MOMO, Mr Awuah said, “I will not say it is going to complement MOMO. The cash-in and cash-out may be affected because this is fiat cash and you cannot withdraw.

“It will not replace MOMO. I do not see eCedi reversing or cannabalizing MOMO but that is why the assessment is being done to study the impact.

“We are commissioning a report on it. We are just trying to understand the ecosystem to see how it will affect our operations,” the CEO of the GAB said.

Source: Maxwell Akalaare Adombila(Graphic Business News)