As part of a pilot program in collaboration with EMTECH Service LLC, the Bank of Ghana has launched a regulatory and innovation sandbox. The intent is to create an enabling and inclusive regulatory framework promoting fintechs that support innovation.
What is a sandbox?
In the financial sector, a regulatory innovation sandbox that supports and controls the policy environment helps firms test their innovative products, services, and business models while under supervision from a regulator. Innovators within the financial sector can test their digital finance service innovations under the regulatory environment. Through this initiative, the banks, and innovators will access the usefulness, safety, and viability of their innovations via a shared understanding of their interests.
Who can take part in the sandbox?
- Deposit-taking institutions
- Payment service providers
- Unregulated persons and entities with innovations
The Bank of Ghana shall give preference to products and services running on blockchain technology, crowdfunding products, and services, remittance products, regtechs, suptech, digital banking, women financial inclusion products, innovative merchant payment solutions for MSMEs, etc.
More on the press release here