Nigeria FinTech Landscape - Impact Assessment

1: Countries have created different variations of a regulatory sandbox Proposed model for Nigeria Case countries Model 1 Sandbox environment 2 Innovation office Description A regulatory sandbox is a framework set up by a financial sector regulator to allow small scale, live testing of innovations by payment players in a controlled environment Innovation offices engage with, and provide regulatory clarification to, financial services providers that seek to offer innovative products and services 3 Sandbox + Innovation office Implementation of both to drive innovation sandbox and innovation office, Pros + Allows players test financial services and business models with actual customers May be an important tool for developing evidence-based policy Implementation is cheaper than sandboxes Compelling option for capacity- constrained regulators in emerging and developing economies, due to easier establishment Combines benefits of both innovation office and sandbox Cons Complex to set up and costly to run Regulatory questions raised in connection with sandbox tests can be effectively resolved without a live testing environment Neither necessary nor sufficient for promoting financial inclusion Does not allow players test ideas with actual customers May be expensive to implement € SOURCE: UNSGSA Early Lessons on Regulatory Innovations to Enable Inclusive FinTech report Switzerland Norway Germany KUK 80 Singapore India Sweden EFINA

View entire presentation