Financial Services Initiative (FSI) has launched the first fintech innovation sandbox in Nigeria. The initiative aims to support fintechs with information and resources to scale businesses.
The innovation sandbox is a software testing platform for innovators to test their ideas. They can utilize the Application Programming Interfaces (APIs) of existing companies to learn and make informed decisions.
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The innovation sandbox has basic APIs from NIBSS that can be likened to an App Store where you see who published what solution. It will be open to developers, students and all Nigerians with valid means of identification. It will help both developers and non-developers alike to test run their ideas. The Sandbox will also create a dialogue between innovators, regulators, and investors.
FSI is a non-profit organization, the Nigeria Inter-Bank Settlement System (NIBSS) and the Central Bank of Nigeria backs them. Iyinoluwa Aboyeji, former co-founder of Flutterwave chairs the initiative. It seeks to lower the regulatory and licensing entry barriers into the fintech space.
Flourish, a Venture Capital firm and Enhancing Financial Innovation and Access (EEFInA) supports the Financial Services Initiative with a N250 million grant. FSI will use the fund to diminish obstacles within the financial services ecosystem.
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