At least three banks in Ghana are set to start issuing electronic money which will allow customers to transfer money on a virtual platform,.
According to the Bank of Ghana, the development forms part of efforts to reduce the use of cash and switch to a more cashlite economy. The development is likely to impact competition among telecom operators, fintechs and other players within the digital ecosystem. The disclosure comes on the back of the completion of the new .
It is unknown which banks have put forward the proposals. At the moment, MTN, Airtel Tigo and Vodafone issue their own electronic money.