In a design paper of the digital Cedi, Ghana’s apex bank, Bank of Ghana (BoG) has revealed that the eCedi will be available for offline use, with rural unconnected communities not being discriminated.
BoG has developed a view of the eCedi to meet the following strategic goals:
- Increase digitization of the Ghanaian economy
- Foster financial inclusion and consumer adoption of digital payments
- Anticipate the future role of BoG as an active regulator and facilitator of a digital economy
- Foster the possibility of a more secure, efficient, and resilient payment system
- Address the risk of unregulated privately issued digital ‘currencies’ or virtual assets
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As part of its design, the CBDC is identified as a retail CBDC, which can be stored locally on a card, on a phone, or smart device, and can be passed from one user to another.
Besides this, the bank revealed a slew of features of the upcoming CBDC including:
- Accessible to both the general public and businesses
- Covering low value payments as well as utilising existing payment infrastructure
- Mitigate potential risks for banking system disintermediation
- Ability to handle large volumes of transactions
- 24/7 Availability
- Support Instant Payments
Two types of wallets are under consideration for the eCedi, namely:
- Hosted wallets managed by financial institutions
- Hardware wallets which are secure portable storage devices held by individuals
Hosted wallets require access to the internet while hardware wallets work in offline mode.
Finally, BoG is looking at the CBDC to be part of the existing payments ecosystem by making it interoperable with other fintech apps in the market.
The bank also wants its CBDC to be interoperable with other CBDCs globally.
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RECOMMENDED READING: 3 Out of 15 Finalists of the Global CBDC Challenge by World Bank, IMF, UN, are Working on the Ghana, Nigeria, and South Africa CBDCs
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