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: https://bog.gh.app.emtech.com/login.
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.