Bank of Ghana tests CBDC integration with mobile money providers

Wednesday 1 June 2022 09:28 CET | News

The Central Bank of Ghana (BoG) has announced it granted Vodafone Cash and CalBank customers the opportunity to test its online version of its digital currency (CBDC), the eCedi.

BoG has created online and offline wallets for eCedi to ensure convenience and easy accessibility for users but has only deployed the pilot programme in the city’s capital, Accra, and one place in its Western Region.

The offline version of the eCedi is used by selected customers to pay for daily purchases, including foods, groceries, and drinks in selected locations from the Western North Region of the country. 

The Central Bank’s governor claims the pilot programme received positive feedback, indicating that the country may be ready for a nationwide roll-out of the digital currency soon. According to the governor, the eCedi will deepen financial inclusion and trigger higher mobilisation of saving resources, which could eventually lead to economic growth.

The Central Bank has also created both online and offline wallets to ensure convenience to customers who want to make payments using the eCedi. Hosted wallets (smartphone apps, payment cards, featured phones) will be managed by different financial institutions in the country, while Hardware Wallets (smart watches, wristbands, smartcards, and key fobs) represent secure portable handheld storage devices to be handled by customers.

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Keywords: central bank, CBDC, digital currency, digital wallet, mobile payments, online shopping, online payments, financial institutions, digitalisation, financial inclusion, growth markets
Categories: Payments & Commerce
Companies: CalBank, Central Bank of Ghana, Vodafone
Countries: Ghana
This article is part of category

Payments & Commerce



Central Bank of Ghana



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