Bank of Ghana invites applications for Regulatory Sandbox


Bank of Ghana is calling on various institutions, start-ups and innovators in the finance sector to send in their applications for the Regulatory Sandbox between February 13 and March 14, 2023.

In a statement signed by Secretary of the central bank, Sandra Thompson, it said banks, specialised deposit-taking institutions, payment service providers, non-bank financial institutions, fintech start-ups and all finance-related innovators who apply within the deadline, stand to be part of the first cohort of participants.

It said, broadly, the Regulatory Sandbox will support innovations in a number of areas, namely; new digital business models not currently covered explicitly or implicitly
under any regulation, new and immature digital financial service technology; and Innovative and disruptive digital financial service products that have the
potential of addressing a present financial inclusion challenge

The statement noted, however, that the the first cohort window will largely accept innovations from among four main priority areas – Payments; Remittances; Crowdfunding; and Micro-lending.

“Entities eligible to participate in the Regulatory Sandbox include: Banks and
Specialised Deposit-Taking Institutions, Savings and Loans companies,
Microfinance companies, Financial Holding companies, Dedicated Electronic
Money Issuers, Payment Service Providers, and unlicensed FinTech Start-Ups,” the statement said.

Interested entities are being urged to submit a complete application in the prescribed form
through the link below:

The statement said prospective participants will be informed of the outcome of the application within twenty-one (21) working days after the closure of the application window on March 14 2023.

Send your news stories to Follow News Ghana on Google News


Please enter your comment!
Please enter your name here