The Central banks of Ghana and Nigeria have opened respective application processes for their regulatory sandboxes. Financial experts have been invited to join the Bank of Ghana’s sandbox to help improve economic inclusion.
Tackling Financial Exclusion
Ghana’s central bank issued a statement on January 26, announcing that the process for admitting the first participants will open on February 13 and close on March 14. The bank also mentioned that the sandbox would facilitate the introduction of new digital business models that are not currently regulated. Additionally, the sandbox could assist in projects that address the issue of financial exclusion.
As reported by BitcoinInformation.com, the Bank of Ghana launched the sandbox in August 22, 2022, in collaboration with Emetech Solutions Inc. The central bank expressed its commitment to provide a favorable environment for innovation to promote financial inclusion and Ghana’s digitalization and cash-lite agenda.
Prospective participants are asked to submit a filled out form, accessible via a link. The statement also says that applicants can expect the results of their applications within 21 business days of the window closing on March 14, 2023.
The Central Bank of Nigeria, the Bank of Ghana’s counterpart, recently announced that its regulatory sandbox has been put in place. The bank invited innovators to submit expressions of interest to participate in the sandbox and explore new technology and innovation applications. In a video shared on Twitter, the central bank stated that entities with modern financial solutions can apply online.
Stay up to date with African news in your inbox by signing up here
What are your thoughts on this story? Please let us know what you think in the comment section.
photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is intended for informational purposes only. It is not intended to be a solicitation or supply of direct services, nor a solicitation to buy or sell any product, service, or company. Bitcoin.com does not provide any investment, tax, legal, or accounting advice. Neither the author nor the company is liable, directly or indirectly, for any damage, loss, or claim to have been caused by, or in relation to, any content or items mentioned in this article.
