eCedi Hackathon unveiled to tackle financial inclusion challenges

The Bank of Ghana has partnered with EMTECH Solutions Inc. to launch the “eCedi Hackathon,” a 12-week innovation challenge designed to unleash the potential of Central Bank Digital Currency (CBDC).

This collaborative endeavor invites FinTechs, developers, and innovators to craft groundbreaking solutions that address Ghana’s financial inclusion challenges.

During the “eCedi Hackathon,” participants will embark on a creative journey to explore the multifaceted applications of CBDC technology.

This event serves as a platform for developers, innovators, and blockchain enthusiasts to demonstrate their ingenuity and contribute to the evolution of Ghana’s digital financial ecosystem.

Outstanding solutions will be celebrated in an awards ceremony at the culmination of the event.

A hackathon, renowned for its time-bound intensity, gathers individuals and teams across various disciplines to collaborate on innovative projects, often revolving around technology, software development, or complex problem-solving.

The “eCedi Hackathon” is a pivotal component of the broader eCedi research project, offering the Bank of Ghana an avenue to delve into emerging technologies, stimulate creativity, and foster the development of eCedi.

The objectives of the “eCedi Innovation Challenge” encompass:

1. Inspiring local developers to channel their creativity toward innovative solutions addressing financial inclusion issues through the eCedi.
2. Promoting knowledge sharing on CBDC between the Bank of Ghana, financial institutions, and payment service providers.

iii. Creating a space for networking and collaboration among organizations and software developers engaged in the CBDC landscape.

Innovation proposals within the challenge are expected to leverage eCedi tokens and APIs to prototype solutions that address a spectrum of use cases, including eCedi utilization in merchant transactions, government payments, agriculture, trade, data privacy, inbound remittances, anti-illicit transaction measures, interoperability, KYC models, and cross-border transactions.

The registration for the “eCedi Innovation Challenge” officially commences on October 3rd, 2023, with application submissions set to open on October 6th, 2023.

This collaborative initiative marks a significant stride in Ghana’s journey toward harnessing the potential of CBDCs and fostering financial inclusion through cutting-edge innovations.

Source: norvanreports