CBDC pilot introduce by Bank Of Ghana for the first time

Syed AhadWeb Editor

13th Aug, 2021. 10:31 pm
CBDC

Ghana is a West African country launching its first general-purpose CBDC (Central Bank Digital Currency) in Africa. The bank has collaborated with Giesecke+Devrient a German currency technology provider, to carry out the CBDC pilot project as a prelude to the launch of a digital form of the national currency, the Cedi.

‘Digital Ghana Agenda’ part of the project that includes government services and digitalization of the country of 30 million people. The digital Cedi, or ‘e-Cedi’ serves as a substitute for physical money.

The German currency technology is supplying technology and building a solution tailored to Ghana’s needs, a trial phase will also be conducted with the banks, payment service providers, merchants, customers, and other applicable stakeholders. For the pilot, G+D will provide its unique CBDC solution known as Filia.

This CBDC initiative is planned to drive Ghana’s cashlite goal by promoting varied digital payments and creating a secure and resilient payment infrastructure in Ghana. It also seeks to make payments possible without the need for a bank account, contract, or smartphone, which will increase the use of digital services and financial inclusion across all demographic categories.

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