Share!
The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing dedicated tracks for virtual assets and data-enabled financial services.
Applications for the programme open on Wednesday, August 12, 2026, and close on August 31, 2026.
In a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, the CBN said the new cohort would operate under two tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services 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 requiring supervised live testing.
The Data-Enabled Financial Services Track, which excludes VASPs, will focus on innovations leveraging secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.
The CBN said its Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under its supervision.
The programme, according to the bank, allows innovators and regulators to engage constructively during testing, supports regulatory learning and encourages responsible innovation that benefits consumers and the wider financial system.
The launch of Cohort 2, the CBN added, reflects its commitment to a transparent, proportionate and risk-based regulatory environment that promotes innovation while safeguarding monetary and financial stability.
It said 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, CBN, Mr. Musa Jimoh, said financial innovation was continuing to transform how individuals and businesses access and use financial services.
Jimoh said the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, would enable innovators and regulators to engage in a structured and collaborative manner.
“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,” he said.
He said 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 supporting responsible and transparent innovation.
According to Jimoh, the regulatory environment must continue to support innovations aligned with the long-term development of Nigeria’s financial system.
The CBN encouraged eligible organisations whose proposed innovations fall within the programme’s scope to apply.
It 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, the bank said, would undertake supervised testing within clearly defined parameters agreed with the CBN.
The testing would include appropriate safeguards for consumer protection, operational resilience, cybersecurity and regulatory reporting.
The apex bank, however, stressed that participation in the Regulatory Sandbox does not constitute a licence, authorisation or approval to operate outside the approved testing parameters.
It said the Sandbox was designed to facilitate responsible experimentation, strengthen regulatory engagement and support evidence-based policy development in line with its statutory mandate.
The CBN urged interested applicants to submit their applications through the CBN Regulatory Sandbox Portal before the August 31 deadline.
The bank reaffirmed its commitment to fostering an innovative, resilient and inclusive financial ecosystem capable of supporting sustainable economic growth while maintaining the safety, soundness and integrity of Nigeria’s financial system.
