It’s a Sandbox Fiesta in West Africa

The Central banks in Ghana and Nigeria are giving their respective countries the gift of opportunity with the opening of their regulatory sandbox application processes. In other words, word on the street is it’s a sandbox fiesta in West Africa!

In case you’re not familiar with the term, a regulatory sandbox is basically a restricted testing environment where companies can innovate and experiment with technology-driven products and services without needing to strictly adhere to the usual laws and regulations they’d otherwise have to.

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Ghanaian Central Bank’s Sandbox

The Bank of Ghana (BoG) announced the opening of their regulatory sandbox application process in a statement released earlier in August. According to the statement, any Ghanaian-based startup in the financial technology space looking to take advantage of this sandbox must submit an application before 31st October.

Nigerian Central Bank’s Sandbox

In the same vein, we have the Central Bank of Nigeria (CBN) in the mix too. They also recently announced the opening of their sandbox application process for Nigerian-based fintech startups with their applications closing 11th September.

Word on the Street

To put it concisely, the opening of these two sandboxes provides unique opportunities for fintech startups in these countries, paving the way for them to explore new and innovative ideas and concepts that could have a positive impact on the financial services sector in the long term.

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It’s a cool time to be a West African fintech entrepreneur, yeah? The only downside is having to make a choice between the two when applications close.

Time to Make Choices

Several considerations should be taken into account when deciding which sandbox to go with. For instance:

  • Which sandbox offers more freedom to experiment?
  • Which sandbox involves more capital costs?
  • Which sandbox provides better support and resources?
  • Which sandbox offers clear exit options if the experiment doesn’t go as planned?

These are all key points to keep in mind when making a decision.

So if you’re a West African fintech entrepreneur and are feeling inspired, now’s the time to act. Happy sandboxing!

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