Ghana Commercial Bank Gets Approval From Bank Of Ghana To Issue “Electronic Money”

The Bank of Ghana (BoG) has given approval for Ghana Commercial Bank to issue electronic money similar to what is popularly known as “mobile money”.

Speaking at a press conference in Accra on Monday, Dr. Ernest Addison, Governor of BOG 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 (Ghana)…

He clarified that this is not a form of cryptocurrency or a bitcoin, “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.”

This move comes after the fact that Parliament approved the Payments And Settlement Bill earlier this year which allows finance entities to issue electronic money.