CBDC stands for Central Bank Digital Currency. It is a digital representation of a sovereign currency. Similar to currency notes and coins, it can serve both as medium of exchange and as a store of value and is a liability of the central bank.

Yes. The eCedi is the name given to Ghana’s CBDC to be issued by Bank of Ghana

Despite the eCedi being a digital payment instrument, it is not the same as mobile money. The eCedi is the digital form of cash like the banknotes and coins currently in circulation and issued by the Bank of Ghana.

With mobile money, cash has to be deposited in an account in order for your service provider to generate their electronic value for you. Therefore, mobile money is backed by cash. Since the eCedi is a digital form of physical notes and coins, it can also be used to back mobile money.

CBDC is expected to accelerate the financial inclusion drive and spur more digital financial service innovations in the country. It will also bring efficiency to payment transactions and is likely to reduce criminal activities associated with large movements of physical cash within the country. The total cost of cash management by individuals, businesses, banks and government, which includes printing, transportation, storage, security and processing, could be reduced significantly.

A hackathon is a time-bound, collaborative, and intensive event where individuals or teams come together to work on creative and innovative projects, typically related to technology, software development, or problem-solving. The event typically brings together programmers, designers, engineers, and other professionals often with diverse backgrounds and skills to brainstorm ideas and create working prototypes or software applications.

“eCedi Hackathon”, is an innovation challenge set to run for a 12-week period, during which innovators will brainstorm to come up with solutions to address financial inclusion challenges in Ghana. The event provides a platform for developers, innovators, and blockchain enthusiasts to showcase their creativity by exploring the many possibilities of CBDC technology and contribute to the future of Ghana’s digital financial ecosystem. The project is part of the eCedi research project and presents an opportunity for the Bank to explore emerging technologies, foster creativity and contribute to the advancement of eCedi development. The event will culminate in a conference during which solutions judged to be impressive will be recognized in an award ceremony.

BYDC-eCedi is a simulated CBDC token issued by BoG only for innovation testing and use case exploration within the scope of the Hackathon.

The BYDC-eCedi is not a legal tender and such should not be used to make any commercial transactions.

Individuals and teams with a passion for technology and a vision for the future are encouraged to join. Whether you are a software developer, blockchain expert, financial analyst, or simply someone with a passion for innovation, this hackathon is for you.

The proposed innovations concepts are expected to leverage eCedi tokens and APIs to prototype solutions or develop tools that address the following use cases:

• Use of eCedi in Merchants transactions (C2B)
• Use of eCedi for government payments (G2P, P2G)
• Use of eCedi in Agriculture and Trade (C2B, B2B)
• Data Privacy while holding or transacting with eCedi
• Use eCedi for inbound remittance
• Combatting the use of eCedi for illicit transactions
• Make the eCedi Interoperable
• KYC models solutions for eCedi
• Possible models for cross-border payments and transactions

Yes. Your proposal must address at least one use case, but can also address multiple use cases.

To participate in the eCedi Hackathon, visit https://www.bog.gov.gh/ecedihackathon/ to fill out the application form and submit an application. Your application will be reviewed and a decision of your admission into the hackathon will be made based on your submission.

No. You do not need to have a working prototype to submit an application for the Hackathon. To submit an application, all you need to do is click here and fill out the Hackathon application form to submit your Innovation Concept Note.

Yes. You will need a working prototype to demo on the Demo Day. Participants will be demonstrating their working prototype for the challenge(s) they choose.

The final participants selected will be onboarded to the BoG Hackathon Platform and given access to the BoG eCedi APIs to create the innovations and products for the use case(s) or challenge(s) they choose.

No. Participants are not required to pay any fees for submitting an application or participating in the Hackathon.

Selected participants will be provided with User Guides on how to navigate the BoG eCedi Hackathon Platform, technical support from local partners such as MEST and design workshop hours with mentors.