EMTECH will leverage its software to test the bank’s advanced solutions, including blockchain, and improve their time to market
Bank of Ghana building on High Street in Accra. (Credit: Natsubee/Wikipedia.)
The Central Bank of Ghana has partnered with EMTECH Service, a fintech for central banks, to deploy a Modern Central Sandbox platform.
Under the partnership, EMTECH will leverage its software to test the bank’s advanced solutions, including blockchain, and improve their time to market.
The sandbox aims to promote new products and services, address the gap for unbanked and underbanked, and facilitate effective and secure movement of money.
EMTECH founder and CEO Carmelle Cadet said: “EMTECH is proud to partner with the Bank of Ghana on its digital transformation journey, and I believe that our partnership establishes a template that other regulators and stakeholders can embrace as together we test and deploy the inclusive, robust central banking infrastructure of tomorrow.”
EMTECH chief risk officer Diane Maurice said: “EMTECH’s solution introduces process improvements to assist Central Banks in meeting their stated and implied strategic goals while enhancing timely, yet prudentially responsible, implementation.”
The Bank of Ghana said that the sandbox will be available to banks, specialised deposit-taking institutions and payment service providers.
Payment service providers include dedicated electronic money issuers, and unregulated entities and persons that meet the sandbox requirements.
New digital business models that are not currently covered under any regulation, along with new and immature digital financial service technology are eligible for the sandbox.
Also, advanced digital financial services products with the potential for addressing persistent financial and economic inclusion challenges are also eligible, said the bank.
Within the outlined categories, the Bank of Ghana would prefer products and services leveraging blockchain technology, remittance, crowdfunding and services, e-KYC platforms.
The bank is also focused on RegTech, SupTech, digital banking, products and services targeting women financial inclusion and merchant payment solutions for micro, small and MSMEs.
The Bank of Ghana, in its statement, said: “The Bank of Ghana through this project, would like to reaffirm its commitment to addressing the financial inclusion needs of the unbanked and underserved persons and businesses.”
Recently, EMTECH has partnered with WiPay Caribbean to establish a model that highlights the value of a stablecoin plus Central Bank Digital Currency (CBDC), to establish a Caribbean settlement network.