South-South Cooperation: Bank of Sierra Leone Officials Undertake Study Visit to Fiji
Officials from the Bank of Sierra Leone (BSL), a West African state, are in Fiji this week to observe and share knowledge with the Reserve Bank of Fiji (RBF) on the development of regulatory sandboxes.
Regulatory "sandboxes" are a relatively new phenomenon in the regulation of the financial industry, and refer to a testing ground for new business models that are not covered by current regulation or supervised by regulatory institutions. The purpose of the sandbox is to adapt compliance with strict financial regulations to the growth and pace of the most innovative companies, in a way that does not overwhelm these companies with rules, but maintain consumer protection.
The visit is coordinated by the United Nations Capital Development Fund’s Pacific Financial Inclusion Programme (PFIP) and its "sister" program working in Sierra Leone; Mobile Money for the Poor (MM4P).