The Bank of Ghana has been recognised for its groundbreaking work in digital currency design, winning the prestigious "Innovation in Digital Currency Design for Financial Inclusion" award.

This accolade was presented at the 2024 Payment, Innovation, and Technology Week, which took place in London, United Kingdom, from September 23 to 26, 2024.

Organised by Currency Research, the event celebrates advancements in the global payments and technology sector.

The Bank of Ghana's eCedi initiative earned the award due to its innovative design that focuses on governance, accessibility (both online and offline), interoperability, and infrastructure, all aimed at promoting financial inclusion.

The eCedi’s design was lauded for its potential to bring financial services to underserved communities, expanding access to digital payments for individuals and businesses alike.

A significant part of the recognition stemmed from the Bank’s ecosystem engagement approach.

This included the participation of banks and payment service providers during the eCedi pilot phase, an eCedi Hackathon that encouraged public participation in developing creative use cases, and a live trial experience at the 3iAfrica Summit.

During the Summit, attendees could use the eCedi to make real-time payments at a Digital Village set up for the event, demonstrating the currency’s practical application.

This award is a testament to the Bank of Ghana’s forward-thinking efforts to enhance financial inclusion through digital innovation, highlighting the eCedi as a pioneering project in the realm of digital currencies.

The recognition is expected to further boost the credibility and adoption of the eCedi as Ghana continues to drive towards a more inclusive digital financial ecosystem.