The Central Bank of Nigeria (CBN) has launched the second cohort of its Regulatory Sandbox Programme, inviting innovators, financial institutions, Virtual Asset Service Providers (VASPs), fintechs and technology companies to apply.
The programme, designed to support responsible innovation in Nigeria's financial sector, introduces two dedicated testing tracks covering virtual assets and data-enabled financial services.
The first is the Virtual Asset Service Provider (VASP) Track, which will support innovative solutions involving virtual assets, stablecoins, payments, settlements, custody, wallets and related financial infrastructure that require supervised live testing.
The second is the Data-Enabled Financial Services (Non-VASP) Track, designed for innovations that use secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.
Follow us on WhatsApp | LinkedIn for the latest headlines
According to the CBN in a statement by Mrs. Hakama Sidi-Ali, Ag. Director, Corporate Communications and Investor Relations Department, the Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and technologies under the supervision of the apex bank.
The initiative allows the CBN and participating innovators to engage throughout the testing process, enabling regulatory learning while promoting innovations that can benefit consumers and strengthen the wider financial system.
The launch of Cohort 2, the CBN said, reinforces its commitment to creating a transparent, proportionate and risk-based regulatory environment that supports innovation without compromising monetary and financial stability.
Insights generated through supervised testing will also help the regulator improve its understanding of emerging technologies and guide the development of appropriate regulatory and supervisory frameworks for Nigeria's evolving digital financial ecosystem.
Eligible organisations will be assessed based on factors including the level of innovation, readiness for controlled live testing, potential benefits to consumers and the market, governance structures, risk management capabilities and the suitability of their proposed testing plans.
Successful applicants will conduct supervised testing within parameters agreed with the CBN. These will include safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The apex bank stressed that participation in the Regulatory Sandbox does not constitute a licence, authorisation or approval to operate outside the approved testing parameters.
Applications for Cohort 2 open on August 12, 2026, and close on August 31, 2026.
It urged interested organisations to submit their applications through the CBN Regulatory Sandbox Portal at sandbox.cbn.gov.ng before the deadline.
The CBN said the programme is part of its broader efforts to foster an innovative, resilient and inclusive financial ecosystem while maintaining the safety, soundness and integrity of Nigeria's financial system.
