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WeWire Makes Bank of Ghana’s Prestigious Innovation Sandbox

By Diadem Akhabue || WeWire
Business Features WeWire Makes Bank of Ghana’s Prestigious Innovation Sandbox
WED, 22 MAY 2024 LISTEN

WeWire, a cross-border business payment platform, has been admitted into the Bank of Ghana’s (BOG) regulatory and innovation Sandbox program. This program is part of the BOG’s efforts to make Ghana a prime location for investments, especially regarding local and international investments in financial technology.

Through a groundbreaking collaboration with EMTECH Solutions Inc. in 2023, the BOG set out to foster innovation and nurture new finance businesses. As the sole cross-border payment company in the Sandbox program, WeWire is uniquely positioned to develop, test, and deploy payment solutions that leverage blockchain and stablecoins to facilitate fast and secure global payments. This privilege sets us apart in this exciting innovation journey.

WeWire’s innovative solution is poised to help small and large Ghanaian businesses scale, revolutionise intra-country trade, and provide the foundation for expanding into new local and international markets.

The Ghanaian market is fertile ground for a fintech revolution, with 40.9 million registered mobile money accounts and 17.5 million active accounts. In 2022, domestic start-ups achieved a record capital raise of US$212 million, with Africa’s fintech revenue projected to hit $300 billion by the end of 2025. Ghana is gearing up to be a significant contributor and a top player in the African fintech space. With WeWire’s addition to this cohort of the Sandbox program, this vision is achievable.

Speaking with WeWire’s CEO, Eben Ghanney, about his financial inclusion across Africa, he said, “We envision a world where large and medium-scale businesses, as well as small local businesses operating in underserved communities, can interact with digital and fiat currencies. We are building solutions that help these businesses send and receive payments and grow beyond their borders.” “In less than two years, WeWire has helped global and indigenous organisations across fintech, oil and gas, manufacturing, importation, exportation, etc., collect and make payments in 80+ countries worldwide.”

He also expressed optimism about the exciting developments that will emerge from WeWire over the next few months as they join forces with Ghana’s Apex Bank. Eben said, “With the Bank of Ghana’s Sandbox program, we are building a fast, inclusive, and secure system that empowers more African businesses to leverage blockchain technology and digital currencies for payments, thereby boosting trade volumes on the continent.”

WeWire also looks forward to working with other Central Banks worldwide to develop and deploy unique payment solutions that drive growth in their business sectors.

About WeWire:
WeWire is a B2B payments provider on a mission to revolutionise global commerce with innovative, secure, and seamless B2B payments, empowering businesses to thrive in an interconnected world. The company is a Canadian-Licensed Merchant Service Bank (MSB) with operational presence in Ghana, Nigeria, Kenya, Uganda, the UK, Canada, the US, and Dubai.

About Bank of Ghana:
The Bank of Ghana (BoG) is the Central Bank of Ghana. It was formed in 1957 and is located in Accra, Ghana. The BoG regulates, supervises, and directs Ghana’s banking and credit systems to ensure a safe and sound banking system. The Bank of Ghana also provides banking services to the public, financial institutions, and the government.

About the BoG Sandbox:
The regulatory sandbox is a supportive and controlled policy environment to enable financial service providers to test innovative products, services, and business models in real-world settings under a regulator’s supervision.

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