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The Bank of Ghana has launched an innovative regulatory sandbox pilot in collaboration with EMTECH Service LLC.
The launch is in line with its commitment to developing an enabling and inclusive regulatory environment that promotes FinTech and supports innovation.
A statement issued in Accra by Ms Sandra Thompson, Secretary of the Central Bank, said that within the financial sector, a regulatory and innovative sandbox was a supportive and controlled political environment that allowed companies to test products, services and models. innovative commercials under the supervision of a regulator.
He said that effectively, the regulatory and innovative sandbox would provide a forum for financial sector innovators to interact with the sector regulator to test digital financial services innovations as the enabling regulatory environment evolves.
“In this sense, the Bank and the innovator can evaluate the usefulness, feasibility and safety of innovations through a shared understanding of their respective interests,” he said.
The statement said the sandbox would be available to banks, specialized deposit-receiving institutions, and payment service providers, including dedicated e-money issuers, as well as non-regulated entities and individuals who have innovations that meet the requirements of the sandbox.
He said that eligible innovations for the sandbox environment would have to satisfy any of the following broad categories, including new digital business models that are currently not explicitly or implicitly covered under any regulation; new and immature digital financial services technology; and innovative digital financial services products that have the potential to address a persistent financial inclusion challenge.
“Within the broad categories outlined, the BoG will give preference to products and services that take advantage of blockchain technology, remittance products, crowdfunding products and services, e-KYC platforms (know your electronic customer) and RegTech ( regulatory technology).
It will also give preference to SupTech (supervisory technology), digital banking, products and services aimed at the financial inclusion of women and innovative commercial payment solutions for micro, small and medium enterprises.
Source: GNA
