The Role of Regulatory Sandboxes in Advancing Innovation and Consumer Protection within the African Insurance Sector
Downloads
This study examines the role of regulatory sandboxes in driving innovation and ensuring consumer protection within Africa’s insurance sector. Regulatory sandboxes allow InsurTech firms to test new products under regulatory oversight, balancing market development with risk mitigation. While widely implemented in jurisdictions like the UK and Singapore, their adoption in Africa remains fragmented. This research critically assesses their effectiveness within the African Continental Free Trade Area (AfCFTA) framework, identifying key enablers and barriers through a review of global best practices and African case studies. The findings emphasize the need for harmonized regulatory frameworks, stronger stakeholder collaboration, and adaptive policies to enhance the impact of sandboxes. The study concludes with strategic recommendations for regulators and policymakers to optimize sandbox implementation, fostering sustainable insurance innovation across Africa.
Adewuyi, A. (2020). Challenges and prospects of renewable energy in Nigeria: A case of bioethanol and biodiesel production. Energy Reports, 6, 77-88.
Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Didenko, A. (2020). After Libra, Digital Yuan and COVID-19: Central Bank digital currencies and the new world of money and payment systems.
Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, FinTech and financial inclusion. European Business Organization Law Review, 21, 7-35.
Atlas, L. Y., Sandman, C. F., & Phelps, E. A. (2022). Rating expectations can slow aversive reversal learning. Psychophysiology, 59(3), e13979.
Balasubramanian, A., Corsi, A., Mooley, K. P., Brightman, M., Hallinan, G., Hotokezaka, K., ... & Murphy, E. J. (2021). Continued radio observations of GW170817 3.5 yr post-merger. The Astrophysical Journal Letters, 914(1), L20.
Didenko, A. N., & Buckley, R. P. (2018). The evolution of currency: Cash to cryptos to sovereign digital currencies. Fordham Int'l LJ, 42, 1041.
Elhaj, M. A. (2021). Entropy generation minimization for enhancing the fluid recovery and energy efficiency in petroleum reservoirs (Doctoral dissertation, Memorial University of Newfoundland).
Goodrich, S., Siika, A., Mwangi, A., Nyambura, M., Naanyu, V., Yiannoutsos, C., ... & Wools-Kaloustian, K. (2021). Development, assessment, and outcomes of a community-based model of antiretroviral care in western Kenya through a cluster-randomized control trial. JAIDS Journal of Acquired Immune Deficiency Syndromes, 87(2), e198-e206.
Gu, J., Cai, H., Dong, C., Ren, J. S., Timofte, R., Gong, Y., ... & Tiwari, A. K. (2022). NTIRE 2022 challenge on perceptual image quality assessment. In Proceedings of the IEEE/CVF conference on computer vision and pattern recognition (pp. 951-967).
Jenik, I., & Lauer, K. (2017). Regulatory sandboxes and financial inclusion. CGAP, Washington, DC.
Levi-Faur, D. (2005). The global diffusion of regulatory capitalism. The annals of the American academy of political and social science, 598(1), 12-32.
Matheson, E., Minto, R., Zampieri, E. G., Faccio, M., & Rosati, G. (2019). Human–robot collaboration in manufacturing applications: a review. Robotics, 8(4), 100.
Nicoletti, A. (2018). The effects of bank regulators and external auditors on loan loss provisions. Journal of Accounting and Economics, 66(1), 244-265.
Philippon, T. (2019). On fintech and financial inclusion (No. w26330). National Bureau of Economic Research.
Sahin, I. (2006). Detailed review of Rogers' diffusion of innovations theory and educational technology-related studies based on Rogers' theory. Turkish Online Journal of Educational Technology-TOJET, 5(2), 14-23.
Schwarcz, D., & Schwarcz, S. L. (2014). Regulating systemic risk in insurance. The University of Chicago Law Review, 1569-1640.
Sioson, V. A., Kim, M., & Joo, J. (2021). Challenges in delivery systems for CRISPR-based genome editing and opportunities of nanomedicine. Biomedical Engineering Letters, 11, 217-233.
Vial, G. (2019). Reflections on quality requirements for digital trace data in IS research. Decision Support Systems, 126, 113133.
Zetzsche, D. A., Buckley, R. P., Barberis, J. N., & Arner, D. W. (2017). Regulating a revolution: from regulatory sandboxes to smart regulation. Fordham J. Corp. & Fin. L., 23, 31.
Zhang, M., Xiao, J., Deng, A., Zhang, Y., Zhuang, Y., Hu, T., ... & Li, Y. (2021). Transmission dynamics of an outbreak of the COVID-19 Delta variant B. 1.617. 2—Guangdong Province, China, May–June 2021. China CDC weekly, 3(27), 584
Zook, M., & McCanless, M. (2022). Mapping the uneven geographies of digital phenomena: The case of blockchain. The Canadian Geographer/Le Géographe canadien, 66(1), 23-36.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
By submitting your manuscript to IJABS, you agree and confirm that the paper you have submitted is your own original and unpublished work, does not contain any defamatory or other unlawful content(s), and you will accept responsibility for plagiarism. You and your co-authors retain copyright and grant BESRA the right of publication, with the work simultaneously licensed under a Creative Commons Attribution License 4.
