The Bank of Ghana has earned international recognition for its pioneering work in digital currency design, receiving the esteemed “Innovation in Digital Currency Design for Financial Inclusion” award. The award was presented at the 2024 Payment, Innovation, and Technology Week, held in London, United Kingdom, from September 23 to 26, 2024.
The event, organised by Currency Research, celebrates key advancements in the global payments and technology sectors. The Bank of Ghana’s groundbreaking eCedi initiative was honoured for its innovative design, which prioritises governance, accessibility (both online and offline), interoperability, and infrastructure to promote financial inclusion across the country.
The eCedi’s design was particularly praised for its potential to enhance access to digital payments, especially for underserved communities, allowing individuals and businesses to engage more easily in the digital economy. Its user-friendly features aim to bridge the gap in financial services, empowering those who have historically lacked access to traditional banking systems.
A key factor in the Bank of Ghana’s success was its collaborative approach during the eCedi’s development phase. This included the active involvement of banks and payment service providers in the pilot stage, as well as the hosting of an eCedi Hackathon that encouraged public participation in shaping creative use cases for the digital currency.
Additionally, the currency was trialled live at the 3iAfrica Summit, where attendees were able to use the eCedi for real-time payments at a specially set-up Digital Village, showcasing its practical applications.
This prestigious recognition highlights the Bank of Ghana’s forward-looking commitment to financial inclusion through digital innovation. The award further enhances the credibility of the eCedi and is expected to support its continued adoption as part of Ghana’s broader vision for a more inclusive and accessible digital financial ecosystem.
SOURCE: http://dew360.net
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