Ghana Fintech and Payments Association rallies support for eCedi Hackathon
The Ghana Fintech and Payments Association (GFPA) has officially voiced its resounding support for the groundbreaking eCedi Hackathon, a dynamic initiative spearheaded by the Bank of Ghana with valuable backing from EMTECH.
Under the theme “Unlock the Future of Digital Finance with a Digital Cedi,” the initiative is poised to reshape Ghana’s payment infrastructure and accelerate financial inclusion, closely aligning with GFPA’s mission to advance digital financial solutions in the nation.
The eCedi Hackathon underscores the unwavering commitment of the Bank of Ghana to explore cutting-edge technologies that revamp payment systems, reduce costs, enhance interoperability, drive economic growth, and democratize access to secure financial products for both consumers and businesses. At the core of this endeavor is Ghana’s Central Bank Digital Currency (CBDC), the eCedi project, which stands to play a pivotal role in achieving these objectives.
Kwame Oppong, Director of Fintech and Innovation Office at the Bank of Ghana, emphasized the significance of the eCedi Hackathon, marking a transformative journey towards innovation in Ghana, especially for the Central Bank’s role in spearheading the exploration of Central Bank Digital Currency. He pointed out the potential to deliver financial services to an underserved ecosystem, bringing Digital Financial Services products beyond the last Network Tower.
Carmelle Cadet, Founder and CEO of EMTECH, highlighted the unique opportunity to unite regulators, central banks, fintech ecosystem developers, and web3 enthusiasts to envision the impact of digital cash, a digital cedi, in the Ghanaian market. She emphasized the web3-enabled nature of the EMTECH CBDC toolkit, leveraging distributed ledger technology and smart contracts for tokenization.
The Ghana Fintech and Payments Association recognizes the eCedi Hackathon’s potential to drive innovation in the financial technology sector, promote collaboration among Ghana’s tech community, and address technical challenges pivotal to CBDC success.
Martin Kwame Awagah, President of the Ghana Fintech and Payments Association, endorsed the hackathon as a pivotal step toward democratizing access to sound financial products for all Ghanaians. Central Bank Digital Currencies offer underbanked and unbanked populations secure and efficient entry into the formal economy, a goal that aligns with the Association’s mission of reaching the last mile.
As Ghana advances its payment infrastructure, CBDCs hold the potential for cost savings, benefiting both businesses and consumers.
The application deadline is set for Friday, October 20, 2023, with the chance for participants to win prizes and recognition for their innovative solutions.
An informational session is scheduled for Friday, October 13, 2023, offering an opportunity for fintech companies, innovators, and developers to brainstorm and prototype solutions to challenges associated with CBDC adoption. It’s also a chance to address public inquiries regarding the hackathon.
The Ghana Fintech and Payments Association welcomes all fintech organizations, startups, developers, and tech enthusiasts to engage with the eCedi Hackathon and support the Bank of Ghana’s visionary journey towards a digital financial ecosystem.
