By Juliet Nalwooga
In a move meant to promote uptake of electronic payments, digital financial services in this covid situation, the Bank of Uganda has launched a Regulatory Sandbox Framework.
This is a set of rules and requirements that allows innovative financial solutions such as fintech startups, to be tested in a live controlled environment with BOU’s oversight and subject to necessary safeguards.
According to Governor Emmanuel Tumusiime Mutebile, so far, Wave Transfer Ltd has received approval to test Quick Response technology under the Sandbox arrangement.
“The Regulatory Sandbox Framework will promote financial services innovation, attract capital and funding for fintech firms and provide shared learning opportunities for innovators and regulators”, said Mr Mutebile in a statement.
He thus invites more firms to develop and test financial innovations under this regulatory Sandbox.