The Central Bank of Nigeria (CBN) has announced the commencement of the second cohort of its Regulatory Sandbox Programme, introducing a dual-track framework aimed at supporting responsible innovation in virtual assets and data-enabled financial services.
Applications for the programme will open on August 12, 2026, and close on August 31, 2026, according to a statement signed by the Acting Director of the Corporate Communications and Investor Relations Department, Hakama Sidi Ali.
The CBN said the second cohort would operate under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services (Non-VASP) Track.
According to the bank, the VASP Track is designed to support innovative solutions involving virtual assets, stablecoins, payments, settlement, custody, wallets, and related financial infrastructure that require supervised live testing.
The Data-Enabled Financial Services Track will focus on innovations that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.
The CBN explained that the Regulatory Sandbox provides a controlled environment in which eligible participants can test innovative financial products, services, business models, and enabling technologies under its supervision.
The programme is intended to enable constructive engagement between innovators and regulators throughout the testing process, support regulatory learning, and encourage responsible innovation that benefits consumers and the broader financial system.
The apex bank said the launch of Cohort 2 reflects its commitment to a transparent, proportionate, and risk-based regulatory environment that promotes innovation while safeguarding monetary and financial stability.
It added 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.
Commenting on the launch, the Director of the Payments System Policy Department at the CBN, Musa Jimoh, said financial innovation was continuing to reshape the way individuals and businesses access and use financial services.
“The CBN Regulatory Sandbox, which is powered by technology in partnership with EMTECH, 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,” Jimoh said.
He added that the introduction of dedicated tracks for Virtual Asset Service Providers and data-enabled financial services reflected the evolving nature of financial innovation and the CBN’s commitment to ensuring that Nigeria’s regulatory environment continues to support responsible and transparent innovation aligned with the long-term development of the financial system.
The CBN encouraged eligible innovators, financial institutions, VASPs, fintech companies, and technology firms whose proposed innovations fall within the programme’s scope to apply.
The bank said applications would be assessed based on the level of innovation, readiness for controlled live testing, 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, including safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.
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.
It noted that the Sandbox is intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with its statutory mandate.
Interested applicants are expected to submit their applications through the CBN Regulatory Sandbox Portal: https://sandbox.cbn.gov.ng before the August 31 deadline.
The CBN reaffirmed its 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.
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