Press Release Bank of Ghana Regulatory Sandbox 19th August 2022

PRESS RELEASE
BANK OF GHANA REGULATORY SANDBOX

Following a successful pilot implementation, Bank of Ghana has today,
19th August 2022 launched its Regulatory and Innovation Sandbox developed in
collaboration with EMTECH Solutions Inc. This is in line with the Bank’s
commitment to continuously evolve a conducive regulatory environment that
fosters innovation, financial inclusion and financial stability.
Over the past two (2) years and during the pilot, the use of digital financial
services among Ghanaians has recorded remarkable increase on account of a
raft of enabling policies introduced by the Bank and the Government of Ghana
under the national digitalization agenda. At the same time, the restrictions
imposed on movement of persons as part of the COVID-19 containment
measures have spurred the adoption of digital financial services among
individuals, businesses, government ministries, departments and agencies.
Similarly, the adoption of emerging technologies such as artificial intelligence,
machine learning, and data analytic tools is accelerating among Ghanaian
financial service providers with enormous opportunities for innovative products
and services including chatbot, Know Your Customer (KYC) and Customer Due
Diligence (CDD) solutions, anti-money laundering and fraud monitoring
platforms, credit scoring for digital credit products and customer-centric product
designs.
Within the domain of Bank of Ghana, the digital version of the Ghanaian
currency, the eCedi, has the potential of boosting innovation in digital financial
service and further enhancing digitalization of the financial service industry
when mainstreamed. On the other end of the digitization spectrum, blockchain
appears to hold significant promise for use in mainstreaming financial service
delivery though the technology is yet to mature. Nevertheless, Bank of Ghana
took a bold decision and admitted a blockchain solution into its Regulatory and
Innovation Sandbox during the pilot stage; a further evidence of its commitment
to innovation.
Against the backdrop of these developments, the Regulatory Sandbox is an
opportune tool for harnessing the potential of technology to develop an efficient
and inclusive financial service industry without risking financial stability. More
importantly, it will serve as an enabling framework for small scale, live testing of
innovations by innovators (operating under a special exemption, allowance, or
other limited, time-bound exception) in a controlled environment under the
regulator’s supervision. It aims at, among others, fostering a deeper
understanding of innovative products, services and business models by the
regulator, allowing for potential improvements to legal and regulatory
requirements to encapsulate emerging technologies, and ensuring careful
monitoring and containment of any risks that may emerge.
The Regulatory Sandbox is open to all licensed financial institutions (Banks,
Specialized Deposit-taking Institutions, Payment Service Providers, Dedicated
Electronic Money Issuers, Financial Holding companies and other Non-Bank
Financial Institutions) and unlicensed FinTech start-ups that have innovative
products, services or business models that meet the Regulatory Sandbox
requirements.
Innovations eligible for the sandbox environment will have to satisfy any of the
following broad categories:
1. New digital business models not covered explicitly or implicitly under any
current regulation;
2. New and immature digital financial service technology; and
3. Innovative and disruptive digital financial service products that have the
potential of addressing a persistent financial inclusion challenge.
The Regulatory Sandbox Framework, user guide and access link to the platform
can be found on Bank of Ghana website to provide guidance and accessibility to
interested licensed and unlicensed financial or non-financial institutions.
Bank of Ghana through this initiative, affirms its commitment to provide the
enabling environment for innovation to promote financial inclusion, and
facilitate Ghana’s digitization and cash-lite agenda. With support from FSD
Africa, we will engage various stakeholders including industry groups,
associations and innovation hubs.
For further enquiries, contact:

The Director
FinTech and Innovation Office
Bank of Ghana
Cedi House, 12th Floor
Accra
Email Address: fintech@bog.gov.gh
(SGD.)
SANDRA THOMPSON (MS.) 19TH AUGUST 2022
THE SECRETARY

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PRESS RELEASE

BANK OF GHANA REGULATORY SANDBOX

2. New and immature digital financial service technology; and

For further enquiries, contact:

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