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eCedi Pilot Reaches Milestone With GHS 473 Million in Transaction Value

10 months ago
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eCedi Pilot Reaches Milestone With GHS 473 Million in Transaction Value

The Bank of Ghana’s eCedi pilot has hit a major milestone, recording a total transaction value of GHS 473 million across more than 96,000 transactions as detailed in a report released on October 22, 2024.

The central bank’s digital currency (CBDC) initiative aims to explore the potential of eCedi as a complement to physical cash in an effort to enhance financial inclusion and modernize the country’s payments infrastructure.

The pilot, which tested the currency in both urban and rural settings, involved Financial Service Providers (FSPs) and their customers, with field tests conducted in Accra, Tarkwa, and Sefwi Asafo. The majority of transactions were executed online, but a small proportion took place offline, highlighting the eCedi’s potential to reach areas with limited internet and telecom services.

According to the report, 0.475% of the transactions were conducted offline, demonstrating the system’s capability to function in areas with poor connectivity—a critical element of the Bank of Ghana’s strategy to extend digital financial services to underserved regions.

Sefwi Asafo, a rural community in the Western-North region, was chosen as the testing ground for the eCedi’s offline use. A total of 173 participants in the area engaged in transactions without access to mobile or internet services, confirming the feasibility of using digital currency even in off-grid locations.

This capability is especially significant in a country where mobile money and cash dominate the payments landscape, particularly in rural areas with patchy network coverage. The pilot’s success in Sefwi Asafo underscores the importance of offline functionality in ensuring that digital currencies can serve as a viable payment method across diverse economic environments.

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The report highlighted broader implications for the eCedi, positioning it as a potential driver of financial inclusion and more efficient payment systems. By bridging the gap between the formal financial system and rural populations, the eCedi could improve access to financial services for those who remain excluded from traditional banking.

With the pilot yielding promising results, the Bank of Ghana is now contemplating the next phase of development, potentially moving towards a full-scale rollout of the eCedi.

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