SandBox Programme: BoG opens application for banks, FinTechs, SDIs, others
The Bank of Ghana (BoG) has opened applications for the registration and admission of the first cohort of banks, FinTechs, SDIs, payment service providers, non-bank financial institutions and all innovators under its regulatory SandBox Programme.
Per a notice issued by the Central Bank on Thursday, January 26, 2023, registration and admission into the programme begins February 13, 2023 to March 14, 2023.
According to the Central Bank, the Sandbox Programme will support innovations in areas such as:
- New digital business models mot currently covered explicitly or implicitly under any regulation
- New and immature digital financial service technology
- Innovative and disruptive digital financial service products that have the potential of addressing a present financial inclusion challenge.
According to the BoG, prospective participants wil be informed of the outcome of their applications within 21 working days after closure of application window.
The SandBox programme provides a supportive and controlled policy environment that enables firms particularly FinTechs to test innovative products, services and business models under the supervision of a regulator, to assess the usefulness, viability and safety of innovations in the financial services industry.
