The Central Bank of Nigeria (CBN) has commenced the second cohort of its Regulatory Sandbox Programme, allowing financial technology start-ups, commercial banks and telecommunications companies to test new solutions under relaxed regulatory conditions before full deployment.
Applications for the intake close at the end of the month.
The cohort features two dedicated testing tracks covering Virtual Asset Service Provider (VASP) solutions and data-enabled financial services, designed to test emerging technologies while maintaining consumer protection and financial stability.
The VASP track supports virtual asset, stablecoin, payment, settlement, custody and wallet infrastructure requiring live, supervised testing.
The non-VASP track focuses on innovations using digital infrastructure and permission-based data sharing to enhance financial inclusion, credit risk management and operational efficiency.
"Insights from supervised testing will help inform the development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem," says Hakama Sidi Ali, acting director of corporate communications at the CBN.
Participants will operate within defined parameters agreed with the central bank, incorporating safeguards for cybersecurity, operational resilience and regulatory reporting.
"The initiative supports an inclusive financial ecosystem while maintaining the safety, soundness and integrity of the financial system," says Ali.
The central bank previously ran applications for Cohort 1 between December 2022 and February 2023.
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