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Tech News & Podcast | Africa

Bank of Ghana Unveils Revolutionary eCedi for CBDC Development

The Bank of Ghana has announced the eCedi Innovation Challenge, a dynamic hackathon designed to promote innovation in the field of Central Bank Digital Currency (CBDC), in a major joint venture with EMTECH Solutions Inc. Through this programme, Fintechs, developers, and innovators will have more opportunities to explore a variety of eCedi use cases and pioneer innovative solutions.

eCedi Hackathon: A Year-Long Journey of Innovation for Financial Inclusion in Ghana

Under the appropriately called “eCedi Hackathon,” innovators will spend a full year intensively discussing solutions to Ghana’s current financial inclusion problems. It provides a well-known stage for developers, inventors, and blockchain aficionados to showcase their inventiveness while delving into the enormous potential of CBDC technology, helping to advance Ghana’s digital financial ecosystem. The final result of this endeavour will be a conference where standout solutions will be honoured in an award ceremony.

A hackathon that unites people or teams from various backgrounds to work together on creative and inventive projects, usually centred around technology, software development, or problem-solving. It is distinguished by its time-bound, collaborative, and high-intensity nature.

As a crucial part of the eCedi research strategy, this project gives the Bank of Ghana the chance to explore cutting-edge technology, foster innovation, and further eCedi development.

The following are the main goals of the eCedi Innovation Challenge:

  • Invite regional developers to showcase their inventiveness by encouraging teamwork and coming up with ground-breaking solutions that use the eCedi to solve problems related to financial inclusion.
  • Encourage banks, payment service providers, and the Bank of Ghana to share knowledge about CBDC.
  • Encourage possibilities for networking and cooperation with other companies and software developers that work in the CBDC domain.nt.

It is anticipated that the suggested innovations would make use of eCedi tokens and APIs to create tools or prototype solutions that address a range of use cases, including:

  • Using eCedi for business-to-business (C2B) transactions
  • Using eCedi for P2G and G2P government payments
  • Using eCedi for trade and agriculture (C2B, B2B)
  • Protection of personal information during eCedi transactions
  • Making use of eCedi for incoming payments
  • preventing the unauthorised use of eCedi
  • Improving Interoperability of eCedi
  • Investigating KYC models in eCedi
  • looking into cross-border payment and transaction models

The Bank of Ghana extends an open invitation to individuals and teams interested in embarking on this journey to discover novel ways to make eCedi applicable across various use cases.

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