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WeWire Makes it into Bank of Ghana's Prestigious Innovation Sandbox

14th May, 2024 by Diadem Akhabue

Cover Image for WeWire Makes it into Bank of Ghana's Prestigious Innovation Sandbox

WeWire Makes it into Bank of Ghana's Prestigious Innovation Sandbox

We are glad to announce that WeWire 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 only cross-border payment company in the Sandbox program, WeWire will develop, test, and deploy payment solutions that leverage blockchain and stable coins to facilitate global payments.

WeWire's innovative solution is poised to help Ghanaian businesses scale, revolutionise intra-country trade, and provide the foundation for businesses to expand 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. WeWire's addition to this cohort of the Sandbox program signals that this vision is achievable.

We envision a future where international trading from Ghana becomes even more seamless through WeWire's solutions. Today, our platform provides collections and payout capabilities for global players seeking access to Ghana and other African markets. With this program, the horizon is even brighter, promising a future of enhanced financial accessibility and growth.

We are thrilled about the exciting developments that will emerge from WeWire over the next few months as we join forces with Ghana's Apex Bank. Together, we will deliver innovative solutions that will foster the growth of African businesses and create a more inclusive and prosperous financial landscape for all.

We also look forward to working with other Central Banks around the world to develop and deploy unique payment solutions to drive growth in their business sector.

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