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Regulatory and Innovation Sandbox Implementation

Overview

Regulatory and Innovation Sandbox Implementation
All Projects

Abstract

FSD Africa has partnered with the Bank of Ghana to support the implementation of a regulatory innovation sandbox which was launched in 2022 and which focuses on enabling the testing of solutions targeting underserved segments of the population.

FSD Africa supported a feasibility assessment of the sandbox in 2021 that was undertaken by the Cambridge Centre for Alternative Finance.

Our support includes advisory support to the Bank as it rolls out the sandbox and engages industry stakeholders.

Results

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

Project Details

Project Title

Regulatory and Innovation Sandbox Implementation

Implementing Partner

Bank of Ghana (BoG)

Donor(s)

FCDO

Value (in £)

200,000

Implementation Period

2021-2024

Countries Covered

Ghana

Project Description

FSD Africa has partnered with the Bank of Ghana to support the implementation of a regulatory innovation sandbox which was launched in 2022 and which focuses on enabling the testing of solutions targeting underserved segments of the population.

FSD Africa supported a feasibility assessment of the sandbox in 2021 that was undertaken by the Cambridge Centre for Alternative Finance.

Our support includes advisory support to the Bank as it rolls out the sandbox and engages industry stakeholders.

Target results

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

Progress

  • Completion of feasibility and design assessment (2021)
  • MOU signed between FSD Africa and the Bank of Ghana
  • Field visits and follow-up needs assessment completed following launch (2022)

Contact

Juliet Munro

Updated: September, 2023

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