Ghanaian and Nigerian central banks open respective application processes for regulatory sandbox – Fintech Bitcoin News
The Ghanaian and Nigerian central banks have invited financial innovators who wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that seek to address the challenge of financial exclusion.
Addressing the challenge of financial exclusion
The Central Bank of Ghana has encouraged registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press release issued on January 26, the bank said the process to admit the first group of participants will open on February 13 and close on March 14.
According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models that are not currently covered explicitly or implicitly under any regulation.” Sandkassen will also support innovations that attempt to solve the challenge of financial exclusion, as well as “new and immature digital financial services technology.”
As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in partnership with Emetech Solutions Inc, on August 22, 2022. At the time, the bank characterized the sandbox launch as evidence of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”
According to the press release, interested participants must submit a complete form that can be accessed via a link. The statement adds that potential participants will be informed of the outcome of their respective applications “within twenty-one (21) business days after the application window closes on March 14, 2023.”
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Meanwhile, 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 new 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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