Ghanaian And Nigerian Central Banks Announcing Open Regulatory Sandbox On February 2023

Key Points:

• Ghana’s central bank has invited registered financial institutions and unlicensed fintech businesses to apply for entry into its regulatory sandbox.
• The sandbox will foster new digital business models that are not currently protected officially or implicitly under any regulation.

The Ghanaian and Nigerian central banks have encouraged financial innovators to apply for inclusion in their respective regulatory sandboxes. The Bank of Ghana stated that its sandbox will also foster innovations aimed at addressing the issue of financial exclusion.

Ghana’s central bank has invited registered financial institutions and unlicensed fintech businesses to apply for entry into its regulatory sandbox. In a press release issued on January 26, the bank stated that the process for admitting the first cohort of participants will begin on February 13 and end on March 14.

According to the Bank of Ghana (BOG), the sandbox will foster new digital business models that are not currently protected officially or implicitly under any regulation. The sandbox will also foster innovations aimed at addressing the problem of financial exclusion, as well as new and immature digital financial service technologies.

According to the news release, prospective participants must submit a completed form, which may be found via a URL. Prospective applicants will be notified of the outcome of their applications within twenty-one (21) working days after the application window closes on March 14, 2023, according to the announcement.

Besides, the Nigerian central bank stated in a video released on Twitter that all firms with innovative financial solutions can apply online.

On August 22, 2022, Ghana’s central bank introduced the sandbox, which was built in conjunction with Emetech Solutions Inc. The bank described the introduction of the sandbox as evidence of its commitment to creating an enabling environment for innovation to promote financial inclusion and enable Ghana’s digitalization and cash-lite agenda.

Meanwhile, the BOG’s Nigerian equivalent, the Central Bank of Nigeria, recently announced the launch of its own regulatory sandbox. Innovators interested in participating in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders can now submit expressions of interest.

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