Ghanaian central bank opens respective regulatory sandbox application process
The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.
By Staff
The Ghanaian central bank has invited registered and unlicensed financial institutions and startups to apply for entry into its regulatory sandbox. The bank announced in a press release on January 26 that the application procedure to enroll the initial cohort of participants will start on February 13 and end on March 14.
The sandbox would foster innovations that include “new digital business models not currently covered explicitly or implicitly under any rule,” according to the Bank of Ghana (BOG). The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as a new and immature digital financial service technology.
Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, last year in August. The central bank described the opening of the sandbox as evidence of its dedication to creating an environment that encourages innovation in order to advance financial inclusion and support Ghana’s digitalization and cash-lite agenda at the time.
According to the press release, interested parties must submit a fully completed form, which is accessible via a link. Prospective participants will be informed of the results of their individual applications within twenty-one (21) working days after the close of the application window on March 14, 2023.
Meanwhile, also the Central Bank of Nigeria, recently announced that 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.
The Nigerian central bank stated via Twitter that all organizations with innovative financial solutions can apply online.
