Two years ago, the idea of sandboxes was alien to the innovation space in Nigeria. And after the draft regulation for sandboxes instituted by the Central Bank of Nigeria (CBN), the Financial Services Innovators (FSI), a community of FinTech enthusiasts, launched the Nigerian Industry Innovation Sandbox in 2019.
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Sandboxes are important in that they will allow innovators to test their products, services or ideas in a private, live environment without necessarily having to satisfy regulatory requirements.
This was why another huge player in the banking industry and innovative banking service provider, Heritage Bank Plc, launched its robust innovation sandbox to accelerate innovation and help technology entrepreneurs build faster and better products.
Just recently, Heritage bank ran an accelerator program that awarded a grant of $25,000 to the winner. This new sandbox initiative is, therefore, reinforcing the bank’s mission of providing Tech startups (especially FinTechs) with the support, resources, and enabling environment for building impactful solutions.
The sandbox warehouses Application Programming Interfaces (APIs) allows innovators to solve myriads of problems affecting critical Financial and Non-financial sectors of the economy.
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Users of the sandbox will have access to features such as payments, wallet system, account opening, identity management, and other crucial features enabling them to test their ideas and significantly streamline shipping time
Heritage Bank’s Innovation & Partnerships Divisional Head, Ikenna Imo, while speaking on the initiative, said that the Bank’s is sustaining its support of innovative start-ups and tech entrepreneurs locally because it will optimize the huge potentials inherent amongst tech enthusiasts.
Aggregating the huge potential among Nigerian innovators has been a major challenge. It is therefore expected that the bank’s effort in creating the sandbox will contribute immensely to job creation and Nigeria’s economic growth.
Interested innovators, technology enthusiasts, designers, and developers, have been invited to access the sandbox via this link: https://sandbox.hbng.com/
Heritage bank is also inviting, in addition to the sandbox, developers to a Developer Community which has been created to foster like-minded discussions seeking to put Nigeria on the map of exceptional innovation via this link: www.hbng.com/engage
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