Ghana’s eCedi Wins Top Award For Innovation In Digital Currency Design

Jens Seidl (left), President/CEO, Currency Research and Kwame A. Oppong, Director of FinTech and Innovation, BoG receiving the award

 

The Bank of Ghana has made history by winning the prestigious Innovation in Digital Currency Design for Financial Inclusion award at the 2024 Payment, Innovation and Technology Week in London.

This recognition is a testament to the Bank’s pioneering efforts in developing the eCedi, Ghana’s digital currency. The eCedi’s design elements, including governance, accessibility, interoperability, and infrastructure, were lauded for their potential to promote financial inclusion.

According to the Bank of Ghana’s Governor, Ernest Addison, “The eCedi is a game-changer for financial inclusion in Ghana.

Our goal is to ensure that everyone has access to financial services, regardless of their geographical location or socio-economic status.”

The award also acknowledged the Bank’s innovative approach to engaging with the ecosystem, including: collaborating with banks and payment service providers during the eCedi pilot, hosting the eCedi Hackathon, which encouraged public participation and showcased innovative ideas, and conducting a live trial of the eCedi at the 3iAfrica Summit, where participants made payments for goods and services.

Currency Research, the organizer of the Payments, Innovation and Technology Week, praised the Bank of Ghana’s commitment to financial inclusion.

“The Bank of Ghana’s eCedi is a shining example of innovation in digital currency design. Its potential to promote financial inclusion is vast, and we are honored to recognize their efforts,” said Currency Research’s CEO.

Background:

The Bank of Ghana launched the eCedi in 2022 as part of its digital transformation strategy.

The eCedi is designed to increase financial inclusion, reduce cash transactions, and enhance the efficiency of payment systems.

With this award, the Bank of Ghana joins an elite group of central banks recognized for their innovative approaches to digital currency design.

BY Daniel Bampoe

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