The Bank of Tanzania (BOT) has announced the launch of its fintech regulatory sandbox, which will take applications in January as part of an effort to promote financial innovations through a controlled testing environment.

The sandbox, established under the BOT Fintech Regulatory Sandbox Regulations, 2024, intends to facilitate the testing of financial products and services that are not fully covered by existing regulatory frameworks under the BOT’s jurisdiction.

Applications will be accepted quarterly via the Bank’s Fintech Regulatory Sandbox Application Portal (frsp.bot.go.tz), with evaluations based on regulatory requirements and responses delivered within 30 working days of the application window closing.

The initiative, led by deputy governor financial stability and deepening Sauda K. Msemo, focuses on banks, financial institutions, mobile money operators, electronic money issuers, and fintech companies, highlighting Tanzania’s commitment to creating an enabling regulatory environment for financial innovation.

In a statement, the BOT said: “The Bank of Tanzania promotes financial technologies and innovations for inclusive and efficient provision of financial services and products through creating enabling regulatory environment.

“The Bank of Tanzania has developed the Bank of Tanzania Fintech Regulatory Sandbox for creating a controlled environment through a test and learn approach for testing financial products and services that are not yet fully covered by existing regulatory frameworks under the BOT mandate.

It continued: “In line with the Bank of Tanzania (Fintech Regulatory Sandbox) Regulations, 2024 (Regulations), which require applications to be submitted on a quarterly basis, the Bank hereby announces that applications for participation in the Sandbox will open quarterly, beginning January 2025. The first application window for 2025 will be open from 2nd to 22 and January, 2025.”

Source: IT Web