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Bank Of Ghana Launches Of Innovation and Regulatory Sandbox After Successful Pilot

Following a successful pilot implementation, the Bank of Ghana launched its Regulatory and Innovation Sandbox developed in collaboration with EMTECH Solutions Inc.

The Regulatory Sandbox is an opportune tool for harnessing the potential of technology to develop an efficient and inclusive financial service industry without risking financial stability. More importantly, it will serve as an enabling framework for small scale, live testing of innovations by innovators (operating under a special exemption, allowance, or other limited, time-bound exception) in a controlled environment under the regulator’s supervision.

It aims at, among others, fostering a deeper understanding of innovative products, services, and business models by the regulator, allowing for potential improvements to legal and regulatory requirements to encapsulate emerging technologies, and ensuring careful monitoring and containment of any risks that may emerge.

The Regulatory Sandbox is open to all licensed financial institutions (Banks, Specialized Deposit-taking Institutions, Payment Service Providers, Dedicated Electronic Money Issuers, Financial Holding companies, and other Non-Bank Financial Institutions) and unlicensed FinTech start-ups that have innovative products, services, or business models that meet the Regulatory Sandbox requirements. Innovations eligible for the sandbox environment will have to satisfy any of the following broad categories:

  1. New digital business models not covered explicitly or implicitly under any current regulation;
  2. New and immature digital financial service technology; and
  3. Innovative and disruptive digital financial service products that have the potential of addressing a persistent financial inclusion challenge.

The Regulatory Sandbox Framework, user guide, and access link to the platform can be found on the Bank of Ghana website to provide guidance and accessibility to interested licensed and unlicensed financial or non-financial institutions.

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Bank Of Ghana This is Ghana’s central bank, it is the regulating body of all other banks and…
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