MiKashBoks is one of the 4 fintech products selected in the initial cohort of the Bank of Sierra Leone’s (BSL) Regulatory Sandbox Pilot Program.
In its quest of enhancing financial inclusion in the country under the National Strategy for Financial Inclusion 2017-2020, BSL has created an experimental framework where selected fintechs would be allowed to test their products in the market. Successful fintech products and services, especially in fragile economies, require the correct mixture of market innovation and regulatory oversight, including sufficient KYC (Know Your Customer) and AML (Anti Money Laundering) laws. The Sandbox environment would allow innovative fintechs to refine their products and market plans while also allowing BSL to understand what regulations would need to be enacted for these new services in order to protect the interest of the customers.
After a rigorous selection process, MiKashboks has been granted permission by the central bank to conduct a pilot in the country to test out and improve its business plan. We are excited at the opportunity of working with the central bank, financial institutions and farmers to enhance financial security amongst the underserved people of our country.