The complexities of the current regulatory environment undoubtedly pose significant challenges for the broad spectrum of financial services companies, as regulators continue to expect insurance companies’ management to demonstrate robust oversight, compliance, and risk management standards.

The Risk, Resilience, and Regulatory Laboratory (R3Lab), established by FSD Africa in 2022, has become a critical platform for enabling regulatory innovation to promote inclusive insurance markets in Sub-Saharan Africa. Its pioneering work across eight African countries has identified key structural, regulatory, market, and supervisory constraints hindering innovation and inclusion.

The main objective of this consultancy is to increase supervisors and regulators knowledge and skills on implementation of sound, proportionate and fit for purpose practices. The consultancy also seeks to support actions and initiatives and build on supervisors’ technical capacity to promote innovation. The expected outcome of this consultancy is to design a regulatory sandbox and capacity building for supervisors on regulating innovation.