• Friday, June 21, 2024
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Fintech targets innovation with Bank of Ghana sandbox

Fintech targets innovation with Bank of Ghana sandbox

WeWire, a cross-border business payment platform, has been accepted into the Bank of Ghana’s (BOG) Regulatory and Innovation Sandbox program, advancing Ghana’s ambition to become a prime destination for fintech investments.

In a statement, Eben Ghanney, WeWire’s CEO disclosed that the company’s participation in the Sandbox programme signifies its optimism about the developments to come.

“We are building a secure, inclusive, and fast system alongside Ghana’s Apex Bank,” said Eben, emphasising the collaboration’s potential to empower African businesses to leverage blockchain technology for payments, consequently boosting continental trade volumes.

The BOG, through its collaboration with EMTECH Solutions Inc. in 2023, established the Sandbox program to foster innovation and nurture new financial ventures.

According to a report by GSMA, the Ghanaian market is fertile ground for a fintech revolution, with 40.9 million registered mobile money accounts and 17.5 million active accounts.

“In 2022, domestic start-ups achieved a record capital raise of US$212 million, with Africa’s fintech revenue projected to hit $300 billion by the end of 2025,” it disclosed.

Speaking with Ghanney about financial inclusion across Africa, he said, “We envision a world where large and medium-scale businesses, as well as small local businesses operating in underserved communities, can interact with digital and fiat currencies. We are building solutions that help these businesses send and receive payments and grow beyond their borders.”

“In less than two years, WeWire has helped global and indigenous organisations across fintech, oil and gas, manufacturing, importation, exportation, etc., collect and make payments in 80+ countries worldwide,” he added.