The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.
Solving the Financial Exclusion Challenge
The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14.
According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.”
As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”
As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.”
Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.”
In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.
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Author: Terence Zimwara