The Bank of Ghana’s eCedi pilot has reached a significant milestone, recording a transaction value of GHȼ473 million through over 96,000 transactions during its testing phase. This was disclosed in the eCedi report released on October 22, 2024.
The transactions involved financial service providers (FSPs) and their customers, with tests conducted in Accra (online), Tarkwa (online), and Sefwi Asafo (offline). While most transactions occurred online, the offline component accounted for 0.004% of the total transaction value and 0.475% of the volume.
The pilot engaged 2,750 participants in the online tests, who performed peer-to-peer, person-to-business, business-to-person, and merchant payments. Meanwhile, 173 individuals participated in the offline pilot in Sefwi Asafo, a community in the Western-North region selected due to its limited telecommunications network. The offline pilot aimed to assess whether the eCedi could facilitate consecutive payments without internet access, offering a potential solution for off-grid communities.
The report highlighted that cash and mobile money remained the most preferred payment methods in peri-urban and rural areas like Tarkwa and Sefwi Asafo. In the rural setting of Sefwi Asafo, cash was particularly dominant due to limited telecommunications infrastructure, underscoring the potential of offline central bank digital currency (CBDC) in such regions.
The pilot phase demonstrated the feasibility of the eCedi as a digital complement to physical currency, addressing the needs of urban, peri-urban, and rural communities. The report emphasized the potential for eCedi to advance financial inclusion, create more efficient payment systems, and improve access to formal financial services, especially in remote areas.
Following the pilot’s success, the Bank of Ghana is considering the next steps toward a full-scale implementation of the eCedi.
