BoG’s eCedi wins Innovation in Digital Currency Design award

 The Bank of Ghana (BoG) has been adjudged the winner in Innovation in Digital Currency Design for financial inclusion in view of the Bank’s introduction of eCedi.

The eCedi is a digital version of the Ghana Cedi issued directly by the BoG as a legal tender and is meant to promote digital inclusion.

This was during the recent 2024 Payment and Innovation Week programme recently held in London and organised by the Currency Research.

The objective of the pro­gramme was 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.

A statement issued by the Communications Department of the BoG last Thursday and copied to the Ghanaian Times, said Bank’s compelling demon­stration of the eCedi’s design ele­ments, encompassing governance, accessibility, (online and offline), interoperability, and infrastructure with the potential to promote financial inclusion, helped it to win the award.

“The award was also in rec­ognition of the Bank’s ecosystem engagement approach, which in­cluded participation of banks and payment service providers during the eCedi pilot, the eCedi Hack­athon, which invited the public to demonstrate their innovative ideas using the eCedi; and and live trial experience of the eCedi during the 3iAfrica Summit where participants were able to make payments for goods and services at the 3i Africa Summit Digital Village,” the BoG stated.

In a related development, the BoG in a statement to mark this year’s Customer Week celebration, has urged regulated financial in­stitutions to maintain the highest standards of customer care and satisfaction and to ensure fair pricing and adequate information disclosures about products and services, always adhering to rel­evant rules, professionalism and ethical standards.

“The Bank of Ghana recog­nises the important role played by customers in the functioning of our banking sector. Indeed, customers are at the heart of banking services, and their con­fidence and trust in the banking system is paramount to the safety, soundness, and stability of the system and to our economy,” the BoG disclosd.

It added that, “ On the occa­sion of the 2024 global celebra­tion of Customer Service Week, we appeal to customers of our regulated financial institutions to familiarise themselves with the provisions of the Bank of Gha­na’s Complaints Resolution Mech­anism, which affords customers specific channels for lodging complaints about the conduct of their financial institutions.”

BY TIMES REPORTER

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