• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, August 26, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

BoG Partners EMTECH to Launch Sandbox Pilot for Banking Sector

February 25, 2021
thevaultzby thevaultz
in Banking
0
BoG Invites Applications for Primary Dealers and Bond Market Specialists

The Bank of Ghana

The Bank of Ghana in collaboration with EMTECH Service LLC has launched a regulatory and innovation sandbox pilot today, February 25, 2021 to promote innovation and diversity in the Banking sector.

This is in line with the Central Bank’s commitment to evolve an enabling and inclusive regulatory environment that provides opportunities for variation as well as promotes FinTechs and supports innovation.

Within the financial sector, a regulatory and innovation sandbox is a supportive and controlled policy environment that enables firms to test innovative products, services and business models under the supervision of a regulator, the Bank of Ghana noted.

RelatedPosts

FirstBank Ghana Wins Hearts with Webinars on Finance, Lifestyle, and Wellness

BoG Drops Bombshell: Banks Barred from Paying Foreign Cash to Corporations Without Deposits

Capital Crisis Looms: Fitch Warns Six Banks Could Collapse Without Rescue Deals

The Bank of Ghana further revealed that the sandbox will be available to banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) including Dedicated Electronic Money Issuers (DEMIs). Additionally, unregulated entities and persons that have innovations that meet the sandbox requirements can also have access.

Notably, the sandbox is of strategic importance in driving financial inclusion through innovative digital financial services. This is because it presents a vast number of opportunities including reducing the time-to-market as well as the cost of innovation for innovators, the Bank of Ghana mentioned.

Aside from saving time and cost, it will go a long way to enhance the knowledge of regulators by allowing them to learn about innovations faster. More so, this will provide valuable insight for regulators to evolve effective regulations.

“Effectively, the regulatory and innovation sandbox will provide a forum for financial sector innovators to interact with the sector regulator to test digital financial service innovations while evolving, enabling regulatory environment.

“In this regard, the Bank and the innovator are able to assess the usefulness, viability and safety of innovations through shared understanding of their respective interests”.

Bank of Ghana

Also, with the sandbox, innovators will be encouraged to formalize their business and incentivise incumbents to experiment with new ideas.

Highlighting the innovations eligible for the sandbox environment, the Bank of Ghana disclosed that such mordenisms will have to satisfy any of the following broad categories:

The innovation should fall within a new digital business model which is not currently covered explicitly or implicitly under any regulation.

BoG Partners EMTECH to Launch Sandbox Pilot for Banking Sector

Next, this invention should be a new and immature digital financial service technology to be deemed suitable for the sandbox environment.

Another requirement to qualify for the pilot programme is that participants must present innovative digital financial services’ products that have the potential of addressing a persistent financial inclusion challenge.

“Within the broad categories outlined, the Bank of Ghana would give preference to products and services leveraging blockchain technology, remittance products, crowdfunding products and services, e-KYC (electronic know your customer) platforms, RegTech (regulatory technology), SupTech (supervisory technology), digital banking, products and services targeting women financial inclusion and innovative merchant payment solutions for micro, small and medium size enterprises (MSMEs)”.

Bank of Ghana

The Bank of Ghana finally opined that through this project, it would like to reaffirm its commitment to addressing the financial inclusion needs of the unbanked and underserved persons and businesses.

Tags: Bank of GhanaBanking sectorBanksDigital BankingEMTECH Service LLCfinancial inclusionFintechsMSMEsPayment Service ProvidersandboxSpecialised Deposit-taking Institutions
Please login to join discussion
Previous Post

Address Underlying Cause Of Irregular Migration -Michael Boampong

Next Post

WE WILL BUILD A 20MILLION DOLLAR NATIONAL STUDIO TO PROMOTE OUR ARTS AND CULTURE – AWAL MOHAMMED

[mc4wp_form id="1264"]

Related Posts

Trump’s Hush Money Trial Begins With Jury Selection
USA

Trump’s Lawsuit Against Maryland Federal Court System Rejected

August 26, 2025
ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
Extractives/Energy

ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 

August 26, 2025
ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
Agribusiness

ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize

August 26, 2025
UN Decries Deadly Israeli Strikes On Gaza Journalists
Around the Globe

UN Decries Deadly Israeli Strikes On Gaza Journalists

August 26, 2025
How Uncle Ebo Whyte Lost His Job In 1991
Entertainment

Uncle Ebo Whyte Champions Punctual Theatre Culture

August 26, 2025
BoG Set to Slash Policy Rate Again in September 2025 as Inflation Falls and Cedi Strengthens
Economy

BoG Set to Slash Policy Rate Again in September 2025 as Inflation Falls and Cedi Strengthens

August 26, 2025
Trump’s Hush Money Trial Begins With Jury Selection
USA

Trump’s Lawsuit Against Maryland Federal Court System Rejected

by Comfort AmpomaaAugust 26, 2025
ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
Extractives/Energy

ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 

by Prince AgyapongAugust 26, 2025
ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
Agribusiness

ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize

by Stephen M.CAugust 26, 2025
UN Decries Deadly Israeli Strikes On Gaza Journalists
Around the Globe

UN Decries Deadly Israeli Strikes On Gaza Journalists

by Lawrence AnkutseAugust 26, 2025
How Uncle Ebo Whyte Lost His Job In 1991
Entertainment

Uncle Ebo Whyte Champions Punctual Theatre Culture

by Esther Korantemaa OffeiAugust 26, 2025
BoG Set to Slash Policy Rate Again in September 2025 as Inflation Falls and Cedi Strengthens
Economy

BoG Set to Slash Policy Rate Again in September 2025 as Inflation Falls and Cedi Strengthens

by Stephen M.CAugust 26, 2025
Trump’s Hush Money Trial Begins With Jury Selection
ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
UN Decries Deadly Israeli Strikes On Gaza Journalists
How Uncle Ebo Whyte Lost His Job In 1991
BoG Set to Slash Policy Rate Again in September 2025 as Inflation Falls and Cedi Strengthens
[/vc_row_inner]

Recent News

  • Trump’s Lawsuit Against Maryland Federal Court System Rejected
  • ACEP Calls for Bold Financing Models to Tackle Africa’s Energy Access Crisis 
  • ADB Honors National Best Farmer 2024 with GH¢1m Cash Prize
  • UN Decries Deadly Israeli Strikes On Gaza Journalists
  • Uncle Ebo Whyte Champions Punctual Theatre Culture
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.