The central banks of Ghana and Nigeria have invited financial innovators who wish to be included in their respective regulatory sandboxes to apply. The Bank of Ghana said its sandbox will also support innovations that try to solve the challenge of financial exclusion.

Solving the Challenge of Financial Exclusion

Ghana’s central bank has asked 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 that the process to admit the first cohort of participants will open on February 13 and close on March 14.

According to the Bank of Ghana (BOG), the sandbox will support innovations including “new digital business models that are currently not explicitly or implicitly covered by any regulation.” The sandbox will also support innovations that try to solve the challenge of financial exclusion, as well as “new and immature digital financial services technology.”

As reported by news, the Ghanaian central bank released the sandbox, which was developed in collaboration with Emetech Solutions Inc, on August 22, 2022. At the time, the bank characterized the sandbox release as a test of its “commitment to provide the enabling environment for innovation to promote financial inclusion and facilitate Ghana’s digitalization and cash-lite agenda.”

According to the press release, interested participants must submit a completed 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.”

Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said that its own regulatory sandbox is already active. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore new technology and innovation applications on behalf of our clients and stakeholders.”

in a video Shared via Twitter, the central bank of Nigeria said that all entities with innovative financial solutions can apply online.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively about the economic problems of some African countries and how digital currencies can provide an escape route for Africans.

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