Bank of Ghana, EMTECH to pilot sandbox innovation to promote FinTechs

The Bank of Ghana has launched a regulatory and innovation sandbox pilot in collaboration with EMTECH Service LLC.

The move, according to a statement issued by the central bank, is in line with its commitment to evolve an enabling and inclusive regulatory environment that promotes FinTechs and supports innovation.

“Within the financial sector, a regulatory and innovation sandbox is a supportive and controlled policy environment that enables firms to test innovative products, services and business models under the supervision of a regulator.”

“Effectively, the regulatory and innovation sandbox will provide a forum for financial sector innovators to interact with the sector regulator to test digital financial service innovations while evolving enabling regulatory environment. In this regard, the Bank and the innovator are able to assess the usefulness, viability and safety of innovations through shared understanding of their respective interests,” the statement pointed.

The Bank of Ghana further said the innovation will be made available to banks specialized deposit-taking institutions and payment service providers including dedicated electronic money issuers as well as unregulated entities and persons that have innovations that meet the sandbox requirements.

Read the full statement below: