View profile

Pilots, Frameworks, And Sandboxes

Pilots, Frameworks, And Sandboxes
By Tech Nova • Issue #2 • View online

Sandbox Pilot Launched By Bank Of Ghana
Last week, the Bank of Ghana (BOG), announced that they were officially piloting their regulatory and innovation sandbox for the financial industry.
The launch of the pilot is a big deal as it opens up the opportunity for fintechs and the finance industry to be further integrated, which will help push out innovative products to the market.
Interestingly enough, some banks like Ecobank had already taken the lead with this initiative when they announced their sandbox last year.
But now, with the regulator officially in play, it’s a great move for the industry.
Crowdfunding Comes To Fruition
Not to be outdone, the BOG also rolled out its crowdfunding policy and framework.
With this framework, local entrepreneurs and startups can now take advantage of the rules and regulations to build “Kickstarter”-like and GoFundMe type products. There might be room to even build fundraising products for startups who are looking to scale up.
When Will The Sandbox Be Fully Operational?
Currently, there is no timeline on when the pilot will end but the potential for new fintech products to be introduced to the public is a great prospect.
The BOG has already introduced the Payment Act whereby new fintechs can apply for licenses for different operations. The BOG’s Fintech Office is reportedly working on an online portal for fintechs to apply for their licenses virtually.
This sets things in motion for local and foreign companies to establish operations in Ghana. Companies like PayPal or Stripe can take advantage by setting up directly or partnering up with local fintechs.
The Fintech industry is slowly evolving past products for payments for airtime and data. This opens up crowdfunding, insurance tech, and other sectors.
Did you enjoy this issue?
Tech Nova

Covering the technology ecosystem in Ghana

If you don't want these updates anymore, please unsubscribe here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue