The Ghana Fintech and Payments Association (GFPA) has thrown its support behind the eCedi Hackathon, being led by the Bank of Ghana and supported by EMTECH; under the theme ‘Unlock the Future of Digital Finance with a Digital Cedi’.
This initiative seeks to revolutionize Ghana’s payment infrastructure and drive financial inclusion, aligning perfectly with the Association’s mission to advance digital finance solutions in the country.
The eCedi Hackathon, underscores the commitment of Bank of Ghana to explore cutting-edge technologies that modernize payment systems, reduce costs, boost interoperability, stimulate economic growth, and democratize access to secure financial products for both consumers and businesses. Ghana’s Central Bank Digital Currency (CBDC); the eCedi project, is poised to play a pivotal role in realizing these aspirations.
Speaking at its launch, Kwame Oppong, Director, Fintech and Innovation Office of the Bank of Ghana, stated that the launch of the eCedi hackathon represented an important day for the ecosystem, as it also marks an important journey of driving innovation in Ghana, particularly for the Central Bank in its role in spearheading the exploration of Central Bank Digital Currency.
“This holds a lot of promise in terms of our ability to introduce Digital Financial Services products to an ecosystem that has over the years been neglected as a result of the inability to deliver Financial Services beyond the last Network Tower,” he added.
Adding her voice to fostering innovations within the financial sector, the Founder and Chief Executive Officer of EMTECH, Carmelle Cadet revealed that, “this is a unique opportunity to bring Regulators, Central Banks and Fintech Ecosystem Developers and even web3 enthusiasts to really think about what digital cash, a digital cedi would mean for the Ghanaian market.”
She further reiterated that the eCedi Hackathon presents an exciting opportunity because the EMTECH CBDC toolkit is designed to be a web3 enabled CBDC, so the technical stack leverages web3 components such as distributed Ledger technology, smart contracts for tokenization and is an API led module.
The Ghana Fintech and Payments Association recognizes the enormous potential of the eCedi Hackathon to drive innovation within the financial technology sector, foster collaboration among the brightest minds in Ghana’s tech community and address technical challenges that are central to the success of CBDC implementation.
“We wholeheartedly endorse the eCedi Hackathon and its ambitious mission to usher in a new era of digital finance in Ghana,” stated Martin Kwame Awagah, President of the Ghana Fintech and Payments Association. “This initiative aligns perfectly with our goal of promoting digital financial solutions that enhance accessibility, efficiency, and security. We encourage our members, tech innovators, and all fintech enthusiasts across the nation to participate actively in this exciting event.”
According to Mr. Awagah, the eCedi Hackathon represents a vital step towards democratizing access to sound financial products for every Ghanaian. CBDCs can provide underbanked and unbanked populations with secure and efficient means of participating in the formal economy which aligns with the Association’s mandate of reaching the last mile.
As Ghana seeks to modernize its payment infrastructure, CBDCs would offer the potential for cost savings in transactions, benefiting businesses and consumers alike.
Deadline for application is on Friday, October 20, 2023 where participants stand a chance to win prizes and recognition for their innovative solutions.
Information session on the eCedi Hackathon
An information session is being organized virtually on Friday, October 13, 2023 to provide an opportunity for interested fintech companies, innovators, and developers to brainstorm and prototype innovative solutions to specific challenges posed by the adoption of CBDC. The session will also be used to clarify public concerns regarding the hackathon. The Hackathon will serve as an opportunity for Ghana’s tech community to contribute to the future of finance in the nation.
