The Central Bank of Nigeria (CBN) has announced the commencement of the second cohort of its Regulatory Sandbox Programme, with a new dual-track structure.
The structure was designed to support responsible innovation in virtual assets and data-enabled financial services.
The programme, which opens for applications on Aug. 12 and closes on Aug. 31, will run under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
A statement by the Acting Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, said the VASP Track would support innovative solutions in virtual assets.
Sidi-Ali said that it would also support stablecoins, payments, settlement, custody, wallets, and related financial infrastructure that require supervised live testing.
According to her, the Data-Enabled Financial Services Track, which excludes VASPs, will focus on innovations that use secure digital infrastructure and permission-based data sharing.
She said that it would improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.
“The Regulatory Sandbox offers a controlled environment in which eligible participants can test innovative financial products, services, business models, and enabling technologies under its supervision.
“The programme enables innovators and regulators to engage constructively during testing, supports regulatory learning, and encourages responsible innovation that benefits consumers and the wider financial system.”
She said that the unveiling of Cohort 2 reflected the CBN’s commitment to a transparent, proportionate, and risk-based regulatory environment that promotes innovation while safeguarding monetary and financial stability.
She said that insights from supervised testing would deepen regulatory understanding of emerging technologies and inform the ongoing development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.
Sidi-Ali encouraged all eligible organisations whose proposed innovations fell within the programme’s scope to apply.
She said that applications would be assessed based on the level of innovation, and readiness for controlled live testing.
She said that they would also be assessed on potential consumer or market benefit, governance arrangements, risk management capability, and the suitability of the proposed testing plan.
“Successful participants will undertake supervised testing within clearly defined parameters agreed with the CBN.
“These include appropriate safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.
“Participation in the regulatory sandbox does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters,” she said.
She said that the Sandbox was intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with its statutory mandate.
Sidi-Ali advised interested applicants to apply through the CBN Regulatory Sandbox Portal at https://sandbox.cbn.gov.ng before the deadline.
She reaffirmed the bank’s commitment to fostering an innovative, resilient, and inclusive financial ecosystem that supports sustainable economic growth while maintaining the safety, soundness, and integrity of Nigeria’s financial system.
Commenting on the launch, the Director of the Payments System Policy Department, Mr Musa Jimoh, said financial innovation was continuing to transform the way individuals and businesses accessed and use financial services.
According to Jimoh, the CBN Regulatory Sandbox is powered by technology in partnership with EMTECH.
“It enables innovators and regulators to engage in a structured and collaborative manner, allowing promising solutions to be tested responsibly while maintaining appropriate safeguards for consumers and the financial system.
“The introduction of dedicated tracks for virtual asset service providers and data-enabled financial services reflects the evolving nature of financial innovation.
“It also reflects our commitment to ensuring that Nigeria’s regulatory environment continues to support responsible, transparent innovation that is aligned with the long-term development of our financial system,” he said.
