eCedi Hackathon

Theme: Unlock the Future of Digital Finance with a digital cedi

The growth of “FinTech” has proven the ability to expand financial services to more people and businesses. Looking to the future, could Central Bank Digital Currencies (CBDCs) further enable cheaper, faster and more convenient financial services for everyone?

Bank of Ghana in 2022 successfully piloted both online and offline use cases of the  eCedi  and how it could expand financial inclusion. To continue with this effort, Bank of Ghana, in partnership with EMTECH, invites you to participate in the first ever “eCedi Hackathon”, an exciting opportunity to pioneer transformative solutions in the realm of digital currencies.

Are you ready to shape the future of finance and innovation?

About the eCedi Hackathon

Bank of Ghana continues to explore innovative technologies to modernize Ghana’s payment infrastructure in ways that lower cost, increase access and drives usage of digital payments.

CBDCs hold validated potential in all of the stated areas; and Bank of Ghana is dedicated to continuing its journey to innovation. In partnership with EMTECH and other key stakeholders, we look to collaborating with the best talents in Ghana to help address technical challenges to achieving these goals.

The eCedi Hackathon is a cutting-edge competition that brings together the brightest minds in technology and finance to explore the endless possibilities of CBDC. This event is designed to foster innovation, drive technological advancement, and develop solutions that will redefine the Ghanaian financial landscape.

Why Participate?

  • Be a Pioneer: Be at the forefront of the digital currency revolution, influencing the way the world conducts financial transactions.
  • Collaborate: Network and collaborate with fellow innovators, experts, and mentors in the field of fintech.
  • Solve Real-World Challenges: Tackle real-world challenges in the financial sector and develop solutions that can shape the future of digital finance.
  • Showcase Your Talent: Showcase your skills, creativity, and ideas to a distinguished panel of judges.

Who Can Participate?

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.

Use Cases – The Challenges

For the eCedi Hackathon, we are looking for innovative ideas that leverage on CBDC tokens and APIs to prototype solutions or develop tools that address a technical problem.

The use cases we are looking for include:

  • Use of eCedi in Merchants transactions (C2B)
  • Use of eCedi for Government payments (G2P)
  • 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

Eligibility Criteria for the eCedi Hackathon

Welcome to the Central Bank Digital Currency (CBDC) Hackathon, hosted by the Bank of Ghana! This Hackathon is designed to bring together the brightest minds in Ghana’s tech and finance sectors, individuals, and teams to explore innovative groundbreaking solutions using CBDC technology.

To ensure a fair and focused competition it’s important to understand the criteria that will guide your participation in this hackathon. Below are some established eligibility criteria and submission requirements that reflect the high standards of innovation and professionalism we expect from our participants. These criteria are in place to maintain the integrity of the hackathon and ensure that all participants have an equal opportunity to succeed.

Participants should be aware of the evaluation criteria, which may include innovation, technical excellence, feasibility, and potential impact on the CBDC ecosystem.

Please take a moment to familiarize yourself with the eligibility criteria and submission requirements, which will guide your participation in this exciting event!

1.ParticipationThe hackathon is open to both companies, individuals, and teams.Employees of Bank of Ghana and institutions of participating Judges are not eligible to participate in the eCedi Hackathon
2.ResidencyParticipants must be residents, citizens or have presence in Ghana
3.Technical BackgroundParticipants must have a strong technical background and skills in areas such as software development, blockchain technology, cryptography, and financial technology (FinTech).
4.Educational BackgroundParticipants should have a minimum of tertiary education, relevant technical certification, or relevant experience.
5.ApplicationAll participants must apply through the official Bank of Ghana eCedi Hackathon portal. Applications must include personal and team details, contact information, a brief description of the concept (Concept Note), relevant skills and experience.
6.Code of ConductParticipants are expected to adhere to a code of conduct that promotes professionalism, respect, and ethical behavior throughout the hackathon.
7.Intellectual PropertyAll code, designs, and intellectual property developed by the participants during the hackathon will be owned by the participants and any IP proprietary to the Bank of Ghana remains the property of the Bank of Ghana.Participants must agree to this condition upon application.
8.Non-Disclosure AgreementParticipants shall be required to sign a non-disclosure agreement (NDA) to protect sensitive information related to the eCedi Hackathon Project.

Submission Guidelines

1Innovation Concept Note (ICN)Participants or teams must submit a draft project proposal outlining their problem, hypothesis, and conceptual solution using the eCedi. This ICN should also include a high-level technical documatation
2.Technical DocumentationA technical document explaining the architecture, process flow, technologies used and how it would leverage the eCedi.This documentation should be comprehensive enough for review by technical experts.
 ICN PitchSelected participants will be invited to pitch their concepts to a panel of Judges
Phase II
3.Working PrototypeSelected participants will be invited to develop and demonstrate a functional prototype of the eCedi-related solution.Participants will be required to include a high-level technical architecture solution of the prototype.The prototype should showcase the core features and functionality of the proposed solution.
4.Video PresentationParticipants should create a video presentation (typically 5-10 minutes) explaining their project. This presentation should include a demonstration of the prototype, the problem-solving approach, and the potential impact of the solution.
5.Source Code(optional)All source code, scripts, and relevant files must be submitted along with appropriate documentation. This will allow the judges to review the technical implementation of the project.
6.Prototype DemoTeams shall be invited to demo their prototype to judges in a live event
7.Consent to TermsParticipants must sign a consent form agreeing to the terms and conditions of the hackathon (Intellectual Property Rights, NDA, Code of Conduct)
8.DeadlineAll submissions must be made by the specified deadline. Late submissions may not be accepted
9.PresentationSelected finalists will be invited to the award ceremony and awarded designated prizes

How to Apply for the eCedi Hackathon

Click HERE to Apply for the eCedi Hackathon.

Apply by October 20, 2023

For further details, visit the official website HERE.

By Arnold

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