e-Cedi to serve as critical tool to enhance financial inclusion – BoG

Governor of the Bank of Ghana, Dr. Ernest Addison has said the rollout of the e-Cedi digital currency will serve as a critical tool for enhancing financial inclusion and promoting financial services to remote areas across the country.

He explained that the Central Bank digital currency will further improve Ghana’s position for international transfers especially in the area of remittances.

Delivering remarks at the just-ended IMF/World Bank meetings in Marrakech, Morocco, Dr Addison said the digital currency has been designed to become cost effective and secure for use.

He further explained that BoG collaborated with technology partners to delve into the digitalization of the Ghanaian Cedi, leading to the potential introduction of the digital version of the national currency.

“This ambitious project culminated in a pilot programme launched approximately one year ago, which Dr. Addison described as highly successful. One key aspect that made the pilot programme thrive was the enthusiastic participation of Ghana’s vibrant and youthful population.

The youth’s engagement in digital innovations served as a catalyst, motivating the central bank to champion a domestic form of digitalisation – and their trust in the institution played a pivotal role.” Dr Addison noted during a panel discussion at the high-profile event.

The Governor however clarified that the digital currency was not privately issued but forms part of efforts by the Central Bank to rollout the innovation with transparency, trust and integrity.

Dr. Addison firmly positioned the e-Cedi as a tool for financial inclusion, highlighting its potential to extend financial services to remote areas of the country where traditional banks are not accessible.

Touching on the e-Cedi ‘hackathon’ initiative, he explained that creative young minds will be invited to devise various use-cases for the eCedi – including applications in merchant payments, government transactions, trade and remittances.

This initiative, he pointed is expected to run for three months, culminating in the presentation of potentially groundbreaking use-cases developed by young innovators in Ghana.

MA

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