BoG rewards winners of eCedi Hackathon with GH₵1m

The Bank of Ghana (BoG) recently hosted an award ceremony in Accra to recognize and celebrate the accomplishments of participants in its inaugural eCedi Hackathon.

The event witnessed ten finalists competing to develop innovative solutions using the e-Cedi digital currency, with three outstanding teams emerging as the top winners.

The coveted title of the overall best went to “Forward Titans,” who demonstrated exceptional creativity and ingenuity in their e-Cedi-based project. As a reward for their outstanding achievement, Forward Titans received a substantial prize of GH₵500,000.

The first runner-up position was secured by “Nokofio,” earning them a commendable prize of GH₵300,000, while the second runner-up, “Pay Code,” received a prize of GH₵200,000.

 All ten finalists were honored with certificates of participation for their contribution to the success of the hackathon.

The eCedi Hackathon, launched on October 6, 2023, was conducted under the close supervision of the Bank of Ghana and its technology partner, EMTECH Solutions.

The competition provided a platform for creators, developers, and entrepreneurs to collaborate and devise groundbreaking solutions that leverage the capabilities of the e-Cedi.

The focus areas of the hackathon shed light on the functionalities and versatility that the Bank of Ghana envisions for the e-Cedi, showcasing its potential to revolutionize digital transactions and financial innovations in the country.

Governor of BoG Dr. Ernest Addison, commended the achievements of the participants and emphasized the transformative impact of digital financial services on the country’s financial landscape.

He noted that in recent years, the Bank of Ghana has championed policies and implemented financial market infrastructures that have created a conducive environment for the digital delivery of financial services.

He highlighted the diverse range of digital financial services currently available in the financial sector, including payment, credit, savings, and investment products offered by both traditional banks and FinTech companies.

The Governor emphasized that FinTech channels have given rise to new business models, removing barriers to micro-credit and facilitating affordable and convenient inward remittance services.

These interventions have significantly contributed to the remarkable improvement in financial inclusion, with financial access increasing from 41% in 2014 to 68% in 2021, as reported by the Global Findex Report of the World Bank.

While acknowledging the progress made, Dr. Addison stressed the need for continued efforts to meet the financial service needs of every citizen in meaningful ways.

He called for an innovative mindset, creativity, and collaboration to explore novel solutions, highlighting the promising potential of a central bank digital currency (CBDC).

Dr. Addison explained that the Bank’s CBDC would further advance financial inclusiveness in the country, aligning with policy imperatives such as financial inclusion, safety and efficiency of payments, and the growing digitization of the Ghanaian economy.

Speaking specifically about the eCedi Hackathon, the Governor mentioned that proposals were invited to leverage CBDC tokens and APIs for prototype solutions that promote the use of eCedi across various sectors and payment scenarios.

Co-creating eCedi use cases with innovators, developers, user experience experts, and financial service providers was deemed a strategic approach to make the digital currency appealing to diverse user groups and promote adoption.

The Governor expressed gratitude for the overwhelming response from innovators, with 88 innovation concept notes received initially. After a rigorous selection process, 10 innovations were considered eligible for progression to the Demonstration Day, covering a wide array of sectors, including agriculture, government payments, business payments, taxation, securities, crowdfunding, interoperability, and credit scoring.

The ceremony was attended by Vice-President Dr. Mahamudu Bawumia, CEOs of banks, and other dignitaries, underscoring the importance of fostering innovation in the financial sector.