Ghana: Bank of Ghana’s eCedi Pilot Records GH₵473 Million in Transactions

The Bank of Ghana’s eCedi pilot has reached a significant milestone, recording a transaction value of GH₵473 million with over 96,000 transactions during its testing phase. This achievement was highlighted in the eCedi report released on October 22, 2024.

The pilot involved both principal users, including Financial Service Providers (FSPs) and their customers, with field tests conducted in Accra (online), Tarkwa (online), and Sefwi Asafo (offline). While the majority of transactions were conducted online, offline transactions also played a notable role, accounting for 0.004% of the total transaction value and 0.475% of the volume.

A total of 2,750 participants took part in the online pilot, engaging in various types of transactions, such as peer-to-peer, person-to-business, business-to-person, and bill and merchant payments. Meanwhile, 173 participants were involved in the offline pilot at Sefwi Asafo, a location selected for its limited telecommunication network availability.

The key objective of the offline pilot was to test the eCedi solution’s ability to support consecutive payments without network or internet access, thus providing digital payment opportunities for those living in off-grid communities. The findings underscored the importance of offline Central Bank Digital Currency (CBDC) in areas with limited telecommunication infrastructure, where cash remains the dominant payment method.

The pilot aimed to assess the feasibility of the eCedi as a digital complement to physical currency, addressing the needs of urban, peri-urban, and rural areas. The report emphasized the potential of the eCedi to advance financial inclusion, create more efficient payment systems, and improve access to formal financial services, particularly for remote areas.