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Sierra Leone’s Innovative Approach to Fintech Regulation Sparks Hope for Financial Inclusion
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In a groundbreaking move, the Bank of Sierra Leone (BSL) has launched its inaugural regulatory sandbox pilot program, aimed at testing and evaluating novel fintech solutions to promote financial inclusion.
A Pilot Program Designed for Success
The first cohort of four companies will spend the next 12 months working closely with a cross-functional team within BSL to refine their technologies and business models. The program is designed to ensure that participants are adequately supervised, and emergent risks are anticipated and managed.
A Thoughtful Approach from the Start
According to industry experts, Sierra Leone’s approach has been measured and thoughtful from the start. The Bank has committed significant resources to ensuring the success of the pilot program, including a dedicated team with primary responsibility for all sandbox-related activities.
Linking Fintech to National Financial Inclusion Strategy
The regulatory sandbox is linked to Sierra Leone’s National Financial Inclusion Strategy 2017-2020, making it one of the first fintech initiatives in Africa to be explicitly tied to a national financial inclusion strategy. The Bank has also leveraged insights from the FinTech Challenge and engagement with the Sierra Leone FinTech Association to confirm market demand for the regulatory sandbox.
Design Choices Praised by Experts
The program’s design choices have been praised by experts, who highlight its focus on:
- Financial inclusion
- Coordination with ecosystem-building initiatives
- Dedicated cross-functional team
- Institutional commitment
- Sunset provision
These features demonstrate a commitment to learning and engagement with local entrepreneurial communities, which could lead to lasting impact on technology innovation in Sierra Leone.
A Positive Message for the Future
While it is still early days for the pilot program, Sierra Leone’s approach has sent a positive message about the country’s willingness to experiment and learn from new regulatory approaches. As the program unfolds, stakeholders will be watching closely to see how this innovative initiative can help drive financial inclusion in one of Africa’s most underserved countries.
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