A recently launched regulatory and innovation sandbox in Ghana is the most recent indication of the central bank’s dedication to a regulatory environment that promotes “innovation, financial inclusion, and financial stability,” according to a statement issued by the Bank of Ghana. According to the central bank, innovations that are eligible for inclusion in the sandbox include new or “immature” digital financial service technology.
Promoting “Innovation and Economic Stability”
The Bank of Ghana (BOG) stated that the regulatory and innovation sandbox is a fulfillment of its “commitment to continuously evolve a conducive regulatory environment that fosters innovation, financial inclusion, and financial stability.”
The sandbox, which was developed in collaboration with Emtech Solutions Inc, is accessible to all regulated financial institutions in Ghana, according to the bank’s statement. Also eligible for the sandbox environment are unlicensed fintech startups with innovative products that satisfy regulatory requirements.
According to the central bank’s press release, some of the qualifying innovations include new or immature digital financial service technology. disruptive digital financial services products or solutions that aim to address the “persistent financial inclusion challenge” may also qualify for the sandbox.
Inclusion in Finance in Ghana
The central bank’s press release explains why the sandbox is necessary.
Through this initiative, the Bank of Ghana affirms its dedication to providing an environment conducive to innovation in order to promote financial inclusion and facilitate Ghana’s digitization and cash-lite agenda. We will engage various stakeholders, including industry groups, associations, and innovation hubs, with the assistance of FSD Africa.