The Bank of Ghana has started piloting the first digital currency known as the ‘e-Cedi’.
The move is part of efforts to determine its feasibility, as well as the Bank’s commitment to enhance the use of digital financial services in the country.
The outcome of this piloting phase is crucial to rolling out Ghana’s digital currency on a full scale.
Head of Fintech and Innovation at Bank of Ghana, Kwame Oppong the e-Cedi not cryptocurrency.
Speaking during the “Re-imagining the Digital Economy” forum on the 2022 Citi Business Festival, Kwame Oppong said the Central Bank will intensify its education on the e-Cedi.
Watch excerpts of the explanation he gave for the need for the e-Cedi below:
The introduction of the e-Cedi is part of the ‘Digital Ghana Agenda’, which involves the digitization of the country of 30 million people and its government services.
The digital Cedi, or ‘e-Cedi’, is intended to complement and serve as a digital alternative to physical cash, thus driving the Ghanaian cash lite agenda through the promotion of diverse digital payments, while ensuring a secure and robust payment infrastructure in Ghana.
It also aims to facilitate payments without a bank account, contact, or smartphone, by so doing boosting the use of digital services and financial inclusion amongst all demographic groups.