The upcoming e-Cedi central bank digital currency (CBDC) will support offline transactions according to the Bank of Ghana.
Speaking during the 2021 Ghana Economic Forum, Kwame Oppong, the Head of Fintech and Innovation at the Bank of Ghana (BoG), said that offline functionality will allow Ghanans who lack reliable access to electricity and internet connectivity to embrace the CBDC.
84% of Ghanaians have stable electricity but just 53% have internet access.
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SEE ALSO: [WATCH] We Are in the Implementation Phase of the e-Cedi CBDC, Confirms Governor, Bank of Ghana
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BDCs are digital forms of a jurisdiction’s legal currency and are designed to be available via smartphones.
Kwame said the country’s digital currency, the e-cedi, would work offline through the use of smart cards. Smart cards are physical cards embedded with a chip, similar to modern bank cards.
Speaking at the Ghana Economic Forum, Oppong said that efforts to bring financial services to people without access to bank accounts are hindered by “the availability of connectivity and power.” He suggested that a CBDC that could be used offline might be a possible solution to this problem.
“What we hope to be able to do – and we’re one of the people pioneering this – is that the e-Cedi would also be capable of being used in an offline environment through some smart cards.”
– Head of Fintech and Innovation, Bank of Ghana
The Ghana Economic Forum 2021 is happening between October 18 – 20 2021 with the theme: “Strengthening Home Grown Policies to Underpin the National Digitasation Drive and Shared Financial Prosperity’ and features the following guests:
- Keynote Speaker – Nana Akufo-Addo, President of Ghana
- Dr. Enest Addison – Governor, Bank of Ghana
- Ken Ofori-Atta – Minister of Finance, Ghana
- Ala Kwadwo – Minister of Trade and Industry
- Abena Poku – Managing Director, Absa Bank, Ghana
- Patience Akyianu – Group CEO, Hollard Ghana
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RECOMMENDED READING: [WATCH] ‘The Ghanaian Government is Ready to Give Needed Credibility and Legal Backing for e-Cedi CBDC Usage,’ Says Vice President
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