The Bank of Ghana (BOG) has opened its regulatory sandbox for financial institutions and fintech startups to test new digital business models and technology. The BOG will accept applications for the first cohort from February 13th to March 14th, with a focus on payments, remittances, crowdfunding, and micro-lending. Successful applicants will be informed within 21 working days after the application window closes.
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Nigeria: CBN’s regulatory sandbox now live
The Central Bank of Nigeria (CBN) has announced that its regulatory sandbox is live, in a tweet from the bank’s official Twitter page. The sandbox is designed to provide fintech start-ups with a way to test innovative ideas in a secure environment with guidance from the CBN, and is open to companies with an existing CBN license and other technology companies with innovative financial solutions. The aim of the sandbox is to reduce the time-to-market for products, increase competition, and foster engagement between the CBN and fintech startups, but it will not be providing funding for any of the participating companies.