The Central Bank of Nigeria (CBN) Regulatory Sandbox is now free for all association members to use thanks to a partnership between the Fintech Association of Nigeria (FinTechNGR) and EMTECH, which aims to further enhance the financial technology (FINTECH) ecosystem.
As CBN’s technical partner for the Regulatory Sandbox, EMTECH provides startups and businesses with a sophisticated onboarding process to enable them to enter the Regulatory Sandbox of the top bank.
The arrangement would allow FinTechNGR to provide free access to the CBN Regulatory Sandbox for all of its registered members, according to the organization’s Chief Operating Officer (COO), Dr. Babatunde Obrimah.
He states that members can create digital solutions that will meet different demands in the financial industry by having free access to the CBN Sandbox, exploring it, and using the regulated online tools.
To be clear, the CBN Regulatory Sandbox is an online platform that enables businesses and startups to test-drive cutting-edge new goods, services, distribution methods, and business models in real time in a safe setting under regulatory supervision. The platform offers all the resources required to encourage and enable innovation in the Nigerian financial sector.
At the recently held 2023 Fintech Week in Lagos, Tunji Odumuboni, Executive Director, Africa at EMTECH, discussed the significance of CBN Sandbox to Fintech startups. He stated that the platform would enable service providers to develop technology solutions across various financial services segments, including payments, savings, and investments, among others, in a regulated environment.
As CBN’s technical partner, we are pleased to work with FinTechNGR to give its members access to the built-in tools in the CBN Sandbox, enabling them to create technological solutions for the financial technology industry. As a result, we cordially encourage every member of FinTechNGR to seize the chances presented by the collaboration,” Odumuboni stated.
The CEOs of HealthCap, Wella Health, Clafiya, Jennie Nwokoye, AXA Mansard, Banwo & Ighodalo, Ayodele Adeyemi-Faboya, and Afri-Health, Dr. Linda Obi, moderated a panel discussion. The panelists talked about the impact of emerging technologies like blockchain technology and artificial intelligence (AI) on healthcare and how telemedicine is facilitating access to healthcare services in both urban and rural communities. The moderator of the session was Adedamola Oloko from AXA Mansard.
They discussed a number of use examples in which physicians are using AI to diagnose patients and how they were utilizing Blockchain data to address decentralised financing, or DeFi, in the healthcare industry.
The panelists believed that telemedicine had made it easier for physicians to connect with patients who lived in far-off places. They emphasized the necessity of government assistance in the implementation of critical infrastructure that would improve the healthcare industry.
