By 
The Bank of Ghana’s eCedi pilot program has reached a significant milestone, achieving a transaction value of GH₵473 million across over 96,000 transactions during its initial testing phase.
This achievement was detailed in the Bank of Ghana’s latest eCedi report, published on October 22, 2024, which highlighted the participation of both financial service providers (FSPs) and their customers. Field testing was conducted across various locations: Accra and Tarkwa for online transactions, and Sefwi Asafo for offline trials.
While online transactions accounted for most of the activity, offline transactions also made a measurable contribution. Offline transactions represented 0.004% of the total transaction value and 0.475% of transaction volume. The inclusion of offline testing aims to enable digital payments in regions with limited network access, addressing the unique needs of underserved communities.
The online pilot included 2,750 participants who conducted various transactions, including peer-to-peer transfers, person-to-business payments, business-to-person transactions, and bill and merchant payments. In contrast, 173 participants took part in the offline pilot in Sefwi Asafo, located in the Western-North region, chosen specifically for its limited telecommunications infrastructure. The aim was to assess the eCedi’s functionality in facilitating payments without requiring network or internet access, offering a promising solution for individuals in remote, off-grid areas.
The pilot also revealed prevailing payment preferences in peri-urban and rural locations like Tarkwa and Sefwi Asafo, where cash and mobile money remained the most popular payment methods. Cash use was particularly prominent in rural Sefwi Asafo, a trend largely attributed to inadequate telecommunications infrastructure, underscoring the value of offline CBDC solutions in areas with limited connectivity.
The eCedi pilot program serves as an essential step in assessing the feasibility of digital currency as a complement to physical cash, integrating online and offline options to meet the diverse needs of urban, peri-urban, and rural communities. The report highlighted the potential of the eCedi to advance financial inclusion, improve payment efficiency, and enhance access to formal financial services, particularly in hard-to-reach areas.
With the pilot’s successful outcomes, the Bank of Ghana is now evaluating the prospects of a full-scale rollout of the eCedi to further support these objectives.
Comments