The Bank of Ghana (BoG) has won the prestigious ‘Innovation in Digital Currency Design for Financial Inclusion’ at the 2024 Payment, Innovation, and Technology Week by Currency Research.
According to a press release by the BoG, this recognition emphasizes the eCedi’s innovative approach, especially its:
- Governance
- Online and offline accessibility
- Interoperability, and
- Infrastructure,
all designed to enhance financial inclusion in Ghana.
CB⚡DC DAILY: ROCKSTARS 🤘🏼#Ghana learned from #Nigeria…slow is good!
“eCedi to Boost Financial Inclusion in Rural Areas with an Offline Solution, Says Bank of Ghana”
Ensuring that offline transfers will be ready to go at launch with the #eCedi is a wise move by the Bank…
— Richard Turrin (@richardturrin) May 25, 2023
The award also acknowledged the Bank of Ghana’s collaborative ecosystem approach, which involved active engagement with banks, payment service providers, and the public throughout the eCedi pilot phase.
Key initiatives included:
- The participation of financial institutions and payment service providers in the eCedi pilot program
https://t.co/v90Nq5wI3z
Vodafone Cash and CalBank customers have been granted the opportunity to test the online version of Bank of Ghana’s Central Bank Digital Currency, the eCedi.— Eager Beaver (@eagerbeavertech) May 30, 2022
- The eCedi Hackathon, inviting the public to showcase innovative applications using digital currency
🇬🇭 CBDC HACKATHON | Bank of Ghana Launches eCedi Hackathon as Part of CBDC Research
The hackathon, in partnership with EMTECH, will span a period of 12 weeks and aims to assemble teams comprising programmers, designers, engineers, and various financial experts whose solutions… pic.twitter.com/P5a2qtHAuu
— BitKE (@BitcoinKE) October 10, 2023
- A live trial at the 3iAfrica Summit, where participants made payments using eCedi at the Digital Village
The Payments, Innovation and Technology Week, organised by Currency Research, aims to explore trends and research in digital currency use and Artificial Intelligence (AI) applications for central banks.
Currency Research is an independent leading global provider of premium conferences for central banks, regulators, payment operators and other key companies regarding the subjects of cash and payments.
eCedi
The Bank of Ghana is pursuing a token-based approach for the CBDC, in addition to building it on the Hedera Hashgraph network.
The eCedi operates on a token-based system, in contrast to the account-based model used by other Central Bank Digital Currencies (CBDCs), like the eNaira. This means that the eCedi is in the form of tokens that can be stored locally on a mobile phone or a card, rather than being held in accounts managed by the central bank or designated intermediaries.
#CBDC | The eCedi is Token-based and Built on the #Hedera Hashgraph Network, Says Bank of Ghana #HBAR https://t.co/yTMIwrvsNH
— Forest (@Earthling875) October 24, 2023
The Bank of Ghana (BoG) is responsible for producing eCedi and distributing it to third parties, including banks and merchants, who then pass on the Central Bank Digital Currency (CBDC) to consumers.
eCedi wallets are designed to be fully accessible even in offline mode.
Besides Nigeria, Ghana, South Africa, and Eswatini have the most advanced CBDC projects across the continent.
9 Out of 13 African Countries Chasing CBDCs Are in Research Phase, Says The IMF https://t.co/rF0dbsTlwi via @BitcoinKE
— RareBirdsHQ™ (@RareBirdsHQ_) June 29, 2022
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