The ECCB has set its sights on the digitization of financial transactions within its member states. According to ECCB Governor, Timothy Antoine, estimates suggest that 70% of transactions involve the use of cash and cheques within EECB states. He says, if the use of cash and cheques are reduced within the next five years, this could be a significant boost to the economic trajectory in hopes of achieving and sustaining the goal of a growth rate of 5% in the future. Antoine went on to say the use of electronic payments would prove useful in the reduction of financial crime. The ECCB Governor believes this is a possible shift if internet speed and connectivity are improved within member states. Meanwhile, Antoine confirms the strength of the EC Dollar with a backing of 97.6% , 37.6% more than required by law.
However, according to the ECCB Governor, despite its strength, several risks remain, threatening the region’s financial stability including the loss of correspondent banking relations and high level of non-performing loans. He says the consolidation and amalgamation of national banks would be considered a proactive approach toward building a strong, diversified and resilient financial system.
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