The Bank of Ghana has officially launched a Regulatory and Innovation Sandbox for fintech projects, after a successful two-year pilot phase.
Fintech Africa reports that the regulatory testing tool will oversee the use of new technology in developing an inclusive and efficient financial services industry, without threatening the country’s financial stability.
It will create a supportive environment for small-scale live-testing of fintech innovations under the bank’s supervision.
It will also allow greater understanding of innovations so the regulator can improve the legislative framework for emerging technologies.
The Sandbox is open to all licensed financial institutions and unlicensed start-ups with innovative products.
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