Business

Take advantage of Regulatory Sandbox, BoG to fintechs and financial service providers

The Bank of Ghana has called on various fintechs and financial service providers to take advantage of its Regulatory Sandbox as part of government’s quest to drive financial inclusion.

A regulatory sandbox is a framework set up by a financial sector regulator to allow small-scale, live testing of innovations by private firms in a controlled environment under the regulator’s supervision. The introduction of the sandbox comes at a time when there is high emergence of new technology in the Ghanaian financial service industry, with a tremendous impact on efficiency.

Speaking at the Bank of Ghana Regulatory Sandbox Engagement with Industry, Head of Tech and Innovation at the Bank of Ghana, Kwame Oppong outlined the importance of being able to meet the changing needs of customers as well as address the challenges of the industry calls for pragmatic and innovative solutions that confront the status quo.

“This, we consider a shared responsibility of the regulator and the innovators to create a conducive environment for experimentation”, he said.

He added, “For this reason, Bank of Ghana has created a properly guided enabling environment, through the introduction of its Regulatory Sandbox”.

He also assured stakeholders that their ideas and information will not be exposed to third parties.

“Let me address the FinTechs regarding issues of privacy and confidentiality. Bank of Ghana as a regulator of financial services maintains the highest level of confidentiality and secrecy. For this reason, your participation in the Bank’s Regulatory Sandbox will not expose your ideas to third parties. We would like to assure you that every staff is committed to an oath of secrecy and under no circumstance will third party information be disclosed. A breach of the secrecy requirement attracts serious sanctions including dismissal”.

 

Source: Ghana Business

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