Skip to main content

Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.

Solving the Financial Exclusion Challenge

The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14.

According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.”

As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”

As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.”

Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.”

In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/9DqEhGx

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Telegram users can now buy, sell, and send bitcoin, as the leading cryptocurrency has been integrated into the Wallet bot on the popular messaging application. The bitcoin support follows the wallet’s recent tether integration, which enables users to transact with the stablecoin as well. Over a Billion Telegram Users Can Now Transfer Bitcoin in Chats On Friday, April 21, the @wallet bot on Telegram announced the addition of bitcoin (BTC) support to its web interface. The development team explained that previously, the leading cryptocurrency by market capitalization was only accessible in the text bot. “Now, all @wallet users will be able to take full advantage of our web interface,” the announcement on Telegram details. Telegram is extremely popular among cryptocurrency users, and according to a report from April 2023, the messaging app has an estimated 1.068 billion users. Bitcoin.com News confirmed that BTC has been added, as our publication tested the @wallet bot on Telegram...
Post a Comment
Read more

US-Listed Bitcoin Miners Hit Record Market Cap of $22.8 Billion, JPMorgan Says

As of June 15, U.S.-listed bitcoin miners have reached a record market capitalization of $22.8 billion, according to global investment bank JPMorgan. This surge is led by significant gains in stocks like Core Scientific, Terawulf, and Iren. The overall sector market cap has increased by 24% since the end of May, partly due to a […] from Bitcoin News https://ift.tt/E8R7P09
Post a Comment
Read more

Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness

Main Takeaways Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers. Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts. Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business. Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF. What Is a Verifiable Random Function (VRF)? Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works. A series of inputs are passed into a VRF. The VRF computes the inputs and generates pseudorandom outputs. Anyone, at any time, can cryptographically verify that the...
Post a Comment
Read more