The Financial Services Innovator association (FSI), a fintech development and advocacy group will launch the first Fintech industry innovation sandbox in Lagos next week.
The initiative is supported by Central Bank of Nigeria [CBN], Nigeria Inter Bank Settlement System [NIBSS], Enhancing Financial Innovation and Access [EFInA] and Flourish.
Iyinola Aboyeji, one of the lead promoters of the group, said the goal of the sandbox is to lower barriers to innovation for the average Nigerian innovator.
“The sandbox will allow anyone who registers as a Fintech innovator conceptualize and try out products with sandbox APIs from NIBSS and soon other similar institutions. If their product is viable they can partner with a licensed player or approach the CBN for a licence,” he assured.
One of the objectives of FSI is to act as a medium through which the CBN can build, support and grow a collaborative and innovative ecosystem of players in the Financial Services space.
Besides, the group will enable and support new entrants into the financial services ecosystem with information and resources, including funding on how to start, succeed, grow, and promote a level playing platform among incumbents and new entrants in the financial services sector.
The association aims to lower barriers to entry, promote a level playing field for innovators without undermining the safety and security of the payment system for the general public and also advocate policies and regulations that encourage innovation in the Fintech community.
