“The Regulatory Sandbox allows live testing of innovations under a less onerous regulatory regime and is expected to attract fintech companies and existing capital markets licensees to test the application of technology to financial services. The admission of the three firms is an important milestone noting that the authority had set itself to admit five firms to the Regulatory Sandbox by 2023.”
“We are excited about this CMA approval as it brings endless possibilities as well as cements trust and credibility in our business by shortening our time to market and allowing us achieve our mission of financial inclusion at a larger scale.
The participants are required to comply with the minimum regulatory requirements published late last year under the Regulatory Sandbox Policy Guidance Note and eligible for a license or approval to operate in Kenya thereafter.
The approval restricts the testing period to 12 months.