Nigeria now has its first fintech industry innovation sandbox

Financial services are a very important and delicate part of any economy. Consequently, there have been stiff regulations and high entry barriers into the fintech space, which have necessitated the introduction of a sandbox for developers and non-developers alike to test run their ideas.

On Monday 9th December 2019, Financial Services Initiative (FSI) launched the first fintech industry innovation sandbox in Nigeria. It is an initiative that intends to support fintech entrants who have innovative ideas in financial services, with information and resources to start, succeed, and scale their businesses.

The initiative is supported by N250 million naira in multi-year grants from Flourish — a venture capital firm — and EFInA (Enhancing Financial Innovation and Access) with the intention of diminishing obstacles to innovation within…

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