The Bank of Ghana (BoG) has been adjudged the winner in Innovation in Digital Currency Design for financial inclusion in view of the Bank's introduction of eCedi.
The eCedi is a digital version of the Ghana Cedi issued directly by the BoG as a legal tender and is meant to promote digital inclusion.
This was during the recent 2024 Payment and Innovation Week programme recently held in London and organised by the Currency Research.
The objective of the programme was to explore trends and research in digital currency use and Artificial Intelligence (AI) Applications for central banks.
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Currency Research is an independent leading global provider of premium conferences for central banks, regulators, payment operators and other key companies regarding the subjects of cash and payments.
A statement issued by the Communications Department of the BoG last Thursday and copied to the Ghanaian Times, said Bank's compelling demonstration of the eCedi's design elements, encompassing governance, accessibility, (online and offline), interoperability, and infrastructure with the potential to promote financial inclusion, helped it to win the award.
"The award was also in recognition of the Bank's ecosystem engagement approach, which included participation of banks and payment service providers during the eCedi pilot, the eCedi Hackathon, which invited the public to demonstrate their innovative ideas using the eCedi; and and live trial experience of the eCedi during the 3iAfrica Summit where participants were able to make payments for goods and services at the 3i Africa Summit Digital Village," the BoG stated.
In a related development, the BoG in a statement to mark this year's Customer Week celebration, has urged regulated financial institutions to maintain the highest standards of customer care and satisfaction and to ensure fair pricing and adequate information disclosures about products and services, always adhering to relevant rules, professionalism and ethical standards.
"The Bank of Ghana recognises the important role played by customers in the functioning of our banking sector. Indeed, customers are at the heart of banking services, and their confidence and trust in the banking system is paramount to the safety, soundness, and stability of the system and to our economy," the BoG disclosd.
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It added that, " On the occasion of the 2024 global celebration of Customer Service Week, we appeal to customers of our regulated financial institutions to familiarise themselves with the provisions of the Bank of Ghana's Complaints Resolution Mechanism, which affords customers specific channels for lodging complaints about the conduct of their financial institutions."
