Regulatory Alerts2022-04-13
Regulation No 41/2022 Governing the Regulatory Sandbox
The National Bank of Rwanda issued Regulation No 41/2022 to establish a regulatory sandbox framework that enables licensed financial institutions and legal entities to test innovative financial products, services, and solutions in a live environment prior to full market deployment. The regulation outlines strict eligibility criteria, requiring applicants to demonstrate genuine innovation, risk mitigation capacity, and clear consumer benefits while mandating detailed testing plans, record-keeping, and periodic reporting to the Central Bank. It further defines the application and approval procedures, testing duration with extension options, participant responsibilities, and specific safeguards to protect customers and manage potential risks throughout the sandbox lifecycle.