News Guide Africa

Tag: Regulatory Sandbox

  • GoldBod seeks innovative financial products in partnership with SEC

    GoldBod seeks innovative financial products in partnership with SEC

    By Adnan Adams Mohammed

    The Securities and Exchange Commission (SEC) has partnered with the Ghana Gold Board (GoldBod) to pilot innovative financial products, including gold-backed securities and tokenized gold assets.

    This collaboration is part of the SEC’s efforts to deepen Ghana’s capital market and promote financial innovation.

     

    Eleven firms have been admitted into the SEC’s regulatory sandbox to test virtual asset and financial technology products under the Virtual Asset Service Providers Act, 2025. The firms include Africoin, Blu Penguin, GoldBod, HanyPay, Hyro Exchange GH Ltd, HSB Global, KoinKoin, Whitebit, Vaulta, XChain, and BSystem Ltd.

     

    The sandbox program will run for 12 months, allowing participating firms to test their services in a controlled environment while the SEC evaluates risks and finalizes licensing rules for the sector. GoldBod will pilot a gold tokenization project through a special purpose vehicle, enabling regulators to test the concept and develop guidelines for tokenized gold assets.

     

    The initiative aims to promote transparency, investor protection, and compliance with anti-money laundering and counter-terrorism financing standards. The SEC will use lessons from the pilot to inform future policy and licensing frameworks for virtual asset services.

  • Regulatory Sandbox: BoG approves first 6 Virtual Assets coys

    Regulatory Sandbox: BoG approves first 6 Virtual Assets coys

    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.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • BoG launches Regulatory and Innovation Sandbox

    BoG launches Regulatory and Innovation Sandbox

    The Bank of Ghana has launched its Regulatory and Innovation Sandbox developed in collaboration with EMTECH Solutions Inc. following a successful pilot implementation.

    This is in line with the Bank’s commitment to continuously evolve a conducive regulatory environment that fosters innovation, financial inclusion and financial stability.

    The Regulatory Sandbox is an opportune tool for harnessing the potential of technology to develop an efficient and inclusive financial service industry without risking financial stability.

    According to statement issued by the Bank and signed by the Secretary of the Bank, Sandra Thompson, it will serve as an enabling framework for small scale, live testing of innovations by innovators (operating under a special exemption, allowance, or other limited, time-bound exception) in a controlled environment under the regulator’s supervision.

     It aims at, among others, fostering a deeper understanding of innovative products, services and business models by the regulator, allowing for potential improvements to legal and regulatory requirements to encapsulate emerging technologies, and ensuring careful monitoring and containment of any risks that may emerge.

    The Regulatory Sandbox is open to all licensed financial institutions (Banks, Specialized Deposit-taking Institutions, Payment Service Providers, Dedicated Electronic Money Issuers, Financial Holding companies and other Non-Bank Financial Institutions) and unlicensed FinTech start-ups that have innovative products, services or business models that meet the Regulatory Sandbox requirements.

    Innovations eligible for the sandbox environment will have to satisfy any of the following broad categories: 1. New digital business models not covered explicitly or implicitly under any current regulation; 2. New and immature digital financial service technology; and 3. Innovative and disruptive digital financial service products that have the potential of addressing a persistent financial inclusion challenge.

    Over the past two (2) years and during the pilot, the use of digital financial services among Ghanaians has recorded remarkable increase on account of a raft of enabling policies introduced by the Bank and the Government of Ghana under the national digitalization agenda.

    At the same time, the restrictions imposed on movement of persons as part of the COVID-19 containment measures have spurred the adoption of digital financial services among individuals, businesses, government ministries, departments and agencies.

     Similarly, the adoption of emerging technologies such as artificial intelligence, machine learning, and data analytic tools is accelerating among Ghanaian financial service providers with enormous opportunities for innovative products and services including chatbot, Know Your Customer (KYC) and Customer Due Diligence (CDD) solutions, anti-money laundering and fraud monitoring platforms, credit scoring for digital credit products and customer-centric product designs.

    Within the domain of Bank of Ghana, the digital version of the Ghanaian currency, the eCedi, has the potential of boosting innovation in digital financial service and further enhancing digitalization of the financial service industry when mainstreamed. On the other end of the digitization spectrum, blockchain appears to hold significant promise for use in mainstreaming financial service delivery though the technology is yet to mature.

    Nevertheless, the Bank of Ghana took a bold decision and admitted a blockchain solution into its Regulatory and Innovation Sandbox during the pilot stage; a further evidence of its commitment to innovation.

    The Regulatory Sandbox Framework, user guide and access link to the platform can be found on Bank of Ghana website to provide guidance and accessibility to interested licensed and unlicensed financial or non-financial institutions.

    Bank of Ghana through this initiative, affirms its commitment to provide the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.