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Regulatory and Innovation Sandbox Implementation

Overview

Abstract

FSD Africa has partnered with the BoG to support the implementation of a regulatory innovation sandbox which will focus on enabling the testing of solutions targeting currently underserved segments of the population. This follows a feasibility assessment that was undertaken in 2021 by the Cambridge Centre for Alternative Finance, supported by FSD Africa (Phase I). Phase II will include the provision of technical assistance and capacity building support to the Bank as it rolls out the sandbox and engages industry stakeholders.

Results

  • Regulatory barriers to innovation identified and addressed
  • Increased fintechs able to test and scale their innovations through participation in the sandbox
  • Increased innovative ideas tested through the sandbox
  • Bank staff and other stakeholders trained via on-the job training
  • Insights generated to support regulatory framework reforms
  • Evidence of reduced cost for innovators to formalise their innovations

Project Details

Project Title

Regulatory and Innovation Sandbox Implementation

Implementing Partner

Bank of Ghana (BoG)

Donor(s)

FCDO

Value (in £)

200,000

Implementation Period

2022-2024

Countries Covered

Ghana

Project Description

FSD Africa has partnered with the BoG to support the implementation of a regulatory innovation sandbox which will focus on enabling the testing of solutions targeting currently underserved segments of the population. This follows a feasibility assessment that was undertaken in 2021 by the Cambridge Centre for Alternative Finance, supported by FSD Africa (Phase I). Phase II will include the provision of technical assistance and capacity building support to the Bank as it rolls out the sandbox and engages industry stakeholders.

Target results

  • Regulatory barriers to innovation identified and addressed
  • Increased fintechs able to test and scale their innovations through participation in the sandbox
  • Increased innovative ideas tested through the sandbox
  • Bank staff and other stakeholders trained via on-the job training
  • Insights generated to support regulatory framework reforms
  • Evidence of reduced cost for innovators to formalise their innovations

Progress

  • Completion of feasibility and design assessment (Phase I)
  • MOU signed between FSD Africa and the Bank of Ghana
  • Scope of work for technical assistance support near finalisation

Contact

Updated: September, 2022