Although, described as long overdue, the Financial Services Initiative (FSI) on Monday launched a fintech industry innovation sandbox in Nigeria.
The product, which is built to support new players entering into the financial service hub, will serve developers and investors seeking to test out new ideas.
In doing this, the platform will provide resources and serve as guiding apparatus in the re-engineering of financial service tools.
According to the FSI management, the sandbox initiative was funded by a ₦250 million ($690,000) grants received from venture capitalist Flourish and EFInA (Enhancing Financial Innovation and Access).
FSI, while explaining the need, noted that the grant was purposely to help eliminate major challenges confronting financial service players.
Describing the nature of how the sandbox works, Deputy Governor Operations, CBN, Adebisi Shonubi hinted that the sandbox functions as a software testing platform where innovators can test run their ideas using the application programming interfaces (APIs) of existing companies.
Adebisi further noted that developers can see and predict possibilities of their products through the intensive use of the sandbox.
Aside the opportunity of testing and prediction, the sandbox will also make it easy for users to learn from their mistakes and make corrections where necessary.
He said: “Whether you are a developer or even a student, as long as you have an innovative idea you can test it out within the safe environment of the sandbox.”
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