BoG Survey Shows 50% Willingness of Ghanaians to Adopt eCedi as Digital Currency Pilot Hits GHS 473M Transaction Milestone
A recent survey conducted by the Bank of Ghana (BoG) on the pilot of its central bank digital currency (CBDC), the eCedi, has revealed that over half of Ghanaians are inclined to adopt the digital currency.
The survey findings suggest that participants demonstrated a strong likelihood of embracing the eCedi, with those already using digital payment instruments displaying a markedly higher preference for the digital currency.
The BoG pilot saw engagement from 2,750 participants in the online phase, executing a wide range of transactions, including peer-to-peer, person-to-business, business-to-person, and bill payments.
Offline testing involved 173 participants, with person-to-business (P2B) transactions taking precedence, particularly in rural areas, where the eCedi is seen as a key mechanism for promoting digital payments in micro and small enterprises (MSEs).
“About fifty per cent (50%) of the respondents were willing to use the eCedi after a brief education, and a third were more open to the eCedi option, subject to implementation,” noted the BoG.
Meanwhile, the central bank’s pilot has reached a milestone, recording a total transaction volume of GHS 473 million across more than 96,000 transactions, according to a report issued on 22 October 2024.
The initiative, which aims to complement physical cash and enhance financial inclusion, tested the eCedi in both urban and rural settings, including Accra, Tarkwa, and Sefwi Asafo.
Crucially, the report noted that 0.475% of transactions were conducted offline, underscoring the eCedi’s potential to function in areas with limited connectivity—an important aspect of the BoG’s strategy to expand financial access to underserved regions.
Sefwi Asafo, a rural community in the Western-North region, served as the focal point for offline trials, demonstrating the feasibility of digital currency in regions without reliable mobile or internet services.
The success of the pilot, particularly in rural areas dominated by mobile money and cash, has significant implications for the future of Ghana’s payment landscape.
By facilitating digital transactions in low-connectivity environments, the eCedi could serve as a crucial tool for deepening financial inclusion, particularly among populations currently excluded from the formal banking system.
With the pilot results pointing to a broad adoption potential, the Bank of Ghana is now considering the next phase of the eCedi’s development, raising the prospect of a full-scale rollout.
