BoG invites applications for Regulatory Sandbox

    Dr. Ernest Addison, Governor - Bank of Ghana

    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.

    Also Read: Bank of Ghana launches Regulatory Sandbox after successful pilot

    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.

    Also Read: Innovations in Regulatory Sandbox are fully protected – BoG

    “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.

    Also Read: Regulatory Sandbox could be panacea to Crypto Regulation in Ghana – BoG


    Please enter your comment!
    Please enter your name here