By Adnan Adams Mohammed
In a landmark move to modernize the nation’s financial landscape, the Bank of Ghana (BoG) has officially admitted six pioneering companies into its Regulatory Sandbox.
This initiative marks a significant step toward integrating virtual assets into the formal economy while ensuring the stability of the financial system.
The selected cohort will participate in a one-year testing phase designed to help the central bank validate proposed regulatory frameworks for Virtual Asset Service Providers (VASPs).
The Admitted Firms
Following a rigorous selection process, the central bank named the following entities as the first participants in this specialized virtual asset window:
Transika Ltd.
One Africa Securities Ltd.
Mansu Technologies Ltd.
Payafrione GH Ltd.
Akuna Wallet Ltd.
Afrix Paycoin Ltd.
Testing Innovation in a Controlled Environment
According to a statement issued by the Bank of Ghana last week, the sandbox focuses on critical areas of the digital asset ecosystem, including:
1. Exchange: Trading between virtual assets and fiat currencies.
2. Custody: Secure storage and management of digital assets.
3. Administration: Management of virtual asset systems.
4. Issuance: Creating and launching new digital tokens.
The sandbox acts as a “live” but controlled laboratory, allowing the BoG to observe how these technologies interact with the market without posing a systemic risk.
Balancing Growth and Protection
The BoG emphasized that the sandbox is a learning tool, not a shortcut to full licensing. Participation does not constitute final regulatory approval, and the Bank maintains the authority to withdraw any firm that fails to meet performance benchmarks or compliance standards.
“The Regulatory Sandbox is part of our broader strategy to foster financial inclusion through innovation while maintaining a robust shield for consumer protection and financial stability,” the statement read.
Why This Matters
This move follows the recent passage of the Virtual Asset Service Providers (VASP) Bill by Parliament earlier this month. With an estimated 3 million users already active in Ghana’s virtual asset space, the central bank is racing to bridge the gap between unregulated crypto-activity and a secure, transparent digital economy.
The results of this one-year trial will likely shape the permanent rules that will govern all future digital currency and blockchain-based businesses in Ghana.
Meet the Cohort: Profiles and Technologies
Here is a deeper look at the participants and the technological frontiers they are exploring.
While all six firms are operating within the BoG’s Virtual Asset framework, each brings a unique focus to the sandbox, ranging from creative economy payments to institutional-grade digital securities.
1. Akuna Wallet Ltd.
Key Focus: Global payments for the creative economy.
Tech Profile: Developed in partnership with the Stellar Development Foundation and backed by actor Idris Elba, Akuna Wallet solves “last-mile” payment issues for Ghanaian creators. It provides users with virtual US bank accounts to receive royalties and earnings from global platforms (like TikTok or YouTube) and converts them instantly into Ghana Cedis via blockchain.
2. One Africa Securities Ltd.
Key Focus: Digital securities and tokenization.
Tech Profile: Part of the Onafriq (formerly MFS Africa) or One Africa Markets ecosystem, this firm is likely testing the tokenization of traditional financial instruments. They are expected to pilot systems that allow for the “fractional” ownership of stocks or bonds using distributed ledger technology (DLT).
3. Transika Ltd.
Key Focus: Cross-border remittances and stablecoin integration.
Tech Profile: Transika focuses on reducing the cost of sending money across African borders. In the sandbox, they will be testing how stable coins. (digital assets pegged to the Dollar or Cedi) can speed up settlement times and bypass expensive intermediary banking networks.
4. Mansu Technologies Ltd.
Key Focus: Custodial services and secure digital infrastructure.
Tech Profile: Mansu is expected to validate high-security “cold storage” and “hot wallet” solutions. Their participation is critical for the BoG to establish standards for how digital assets should be stored to prevent theft and hacking.
5. Payafrione GH Ltd.
Key Focus: Merchant payments and virtual asset POS systems.
Tech Profile: This firm is looking at the “retail” side of crypto. They are testing software that allows local Ghanaian merchants to accept digital assets as payment for goods and services, with real-time conversion into Cedi to protect vendors from volatility.
6. Afrix Paycoin Ltd.
Key Focus: Virtual asset issuance and exchange.
Tech Profile: Afrix Paycoin is focused on the liquidity side of the market. They are testing a regulated exchange platform where Ghanaians can safely buy and sell verified virtual assets under the direct oversight of the BoG’s monitoring tools.
The Sandbox Process
The companies will follow a structured path over the next 12 months, as illustrated below:
Preparation: Finalizing test cases and security protocols with BoG engineers.
Testing: Operating with a limited number of real customers to observe system behavior.
Evaluation: Regular reporting on transaction transparency and Anti-Money Laundering (AML) compliance.
Exit: Determining if the business model is ready for a full VASP license or if it needs further refinement.
