The central bank revealed this development in a recent press release. According to the report, the sandbox will cover a wide range of innovations within the financial services sector and improve the country’s financial inclusion. Furthermore, the bank is seeking remittance and crowdfunding products as well as new merchant payment solutions for small and medium scale businesses.
The apex bank also revealed that it would make available the sandbox to banks, deposit institutions, and unregulated financial entities and persons that meet the requirements.
“The sandbox will be available to banks, specialized deposit-taking institutions, and payment service providers, including dedicated electronic money issuers as well as unregulated entities and persons that have innovations that meet the sandbox requirements,” it stated.
The Bank of Ghana also stated that the project was one way it intends to breach the gap on financial inclusion in the country. The bank also directed that entities with innovations that follow the requirements can apply for evaluation and consideration.
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