Ghana: Bank of Ghana’s eCedi Wins Award for Innovation in Digital Currency Design

The Bank of Ghana has been recognized for its groundbreaking work on the eCedi, winning the Innovation in Digital Currency Design for Financial Inclusion award at the 2024 Payment, Innovation, and Technology Week. The event, held from September 23-26, 2024, in London, United Kingdom, was organized by Currency Research.

This prestigious award was granted to the Bank of Ghana due to its exceptional approach in designing the eCedi with a focus on governance, accessibility (both online and offline), interoperability, and infrastructure, all geared toward promoting financial inclusion. The recognition highlights the bank’s forward-thinking digital currency strategy and its commitment to expanding access to financial services.

Key factors contributing to the award included the Bank of Ghana’s ecosystem engagement strategy, which was showcased through:

• Active participation of banks and payment service providers during the eCedi pilot, allowing for broad stakeholder involvement.
• The eCedi Hackathon, a public initiative that invited individuals and organizations to present innovative solutions utilizing the eCedi.
• A live trial experience of the eCedi during the 3iAfrica Summit, where attendees could make real-time payments for goods and services within the Digital Village of the summit.

The Bank of Ghana’s efforts in leveraging digital currency for financial inclusion demonstrate its leadership in the fintech space, positioning the eCedi as a model for digital currency innovations globally.