🟠 M-Pesa meets blockchain

Plus: 🇬🇭 Ghana brings crypto into its regulatory perimeter with a new VASP law; 🇿🇦 South Africa’s central bank says CBDCs matter — just not right now
CBDC — coverage and analysis.

Plus: 🇬🇭 Ghana brings crypto into its regulatory perimeter with a new VASP law; 🇿🇦 South Africa’s central bank says CBDCs matter — just not right now

The bank sees no need to deploy a retail CBDC anytime soon, but it will explore wholesale options.

The digital currency is backed by Ugandan treasury bonds and can be accessed via smartphones.

The IMF dissuaded the country from a quick launch, asking it to instead to prioritize improving its existing payment infrastructure.

Plus: 🇬🇭 Ghana’s eCedi finally set for 2025 launch 🌍 MiniPay Wins Web3 Award at Africa Tech Summit

This follows a two-year delay despite a successful pilot program.

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As stated on its website, only licensed users can purchase cNGN directly from the platform, while others can access it through cryptocurrency exchanges like Busha and Quidax.

With the eCedi CBDC, the Bank of Ghana hopes to stay relevant in an increasingly digital world. The CBDC is also created for financial inclusion.

Presently, the country wants to work on improving its economy and increasing financial inclusion.

Egypt is moving towards joining Nigeria, Kenya, Senegal, and South Africa in implementing CBDCs.

The five-part law protects the country’s monetary policy and energy infrastructure, per an official.

The Bank of Ghana previously assured that the eCedi would keep with financial regulations while maintaining privacy.

Despite a successful pilot, the launch has been delayed due to several factors, including economic concerns such as rising inflation and the depreciation of the cedi.

The Bank of Ghana is hosting a 12-week hackathon in partnership with EMTECH. Here's what you need to know.

The bank governor added that the bank has an open mind towards new technologies.

However, there are concerns about its stability, given the price of gold and fluctuations, regulatory challenges, trust, and cybersecurity.

This initiative invites fintechs, developers, and innovators to develop innovative solutions that explore the versatility of the eCedi.

The BoG Governor said the country’s economy grew by 3.2% in the second quarter, surpassing the 1.5% growth target set in the IMF program.

The eVerify service will be used in the education, health care, production, and legal sectors of the country.