Ex-Flutterwave CEO and Andela Co-Founder, Iyinoluwa “E” Aboyeji (@iaboyeji) led Nigeria’s 1st Fintech Industry Innovation Sandbox.
The event which witnessed a panel discussion from leaders in the Financial Service Industry in Nigeria is a non-profit organisation. It is a trusteeship that includes the Central Bank of Nigeria and a number of other partners said Aboyeji.
The goal of this organisation is to make Fintech tools such as APIs readly available for developers and fintech entrepreneurs to make Nigeria globally a place for financial service innovators.
Startups and developers should be excited about the Fintech sandbox because it gives them access to APIs not readily available before now as well as dialogue with a community of regulators
Iyinoluwa also added in his keynote that, the sandbox is built with Nigerians in mind but the expectation is that the solutions will be able to scale globally.
Ade Shonubi, Deputy Governor, Operations revealed that the sandbox has been 3 years in the making. The exciting thing about it is that competitors came together to make it happen.
There are about 10 Fintech Sandboxes around the world a tool for enhancing financial innovation and inclusion.
The sandbox has the capability to support 1,000 projects at scale. NIBSS also said they will release their basic APIs to the sandbox. Banks and other Financial Service leaders in Nigeria also support the initiative. This brings the conclusion that this is a success already.
More information about the sandbox will be posted on this platform as they unfold.