Deadline: Unspecified
Applications are open for the Central Bank of Nigeria (CBN) Regulatory Sandbox – Cohort 2. The Regulatory Sandbox supports the safe introduction of innovative financial solutions by allowing participants to conduct live tests under CBN oversight, in line with the Bank’s objectives to enhance innovation, promote financial inclusion, and strengthen consumer protection.
Cohort 2 consists of the VASP Track (Virtual Asset Service Providers) and the Non-VASP Track (data-enabled financial services and other non-virtual-asset innovations):
- VASP Track – Virtual Asset & Stablecoin Financial Services: Supports digital assets that are fiat backed or have a payment, settlement, or store of value function. The product or service must support responsible innovation aligned to the Bank’s mandate of monetary sovereignty and financial system stability.
- Non-VASP Track – Data-Enabled Financial Services: Focused on innovations that leverage secure, permission-based data sharing and digital infrastructure to improve access, efficiency, risk management, and consumer outcomes within Nigeria’s financial system. Emphasis is placed on solutions that advance financial inclusion, enable alternative data-driven credit assessment, reduce onboarding, transaction, or compliance costs, and improve trust, transparency, and consumer control over financial data.
Benefits
For Innovators
- Regulatory engagement from the outset
- Access to a supervised testing environment
- Reduced uncertainty and regulatory risk
- Improved product credibility and trust
- Enhanced readiness for commercialisation
- Better understanding of compliance obligations
- Opportunity to demonstrate innovation at scale
For the Ecosystem
- Increased financial inclusion
- Safer adoption of emerging technologies
- Evidence-based policy development
- Improved market integrity
- Enhanced consumer confidence
- More resilient financial infrastructure
Eligibility
Open to:
- CBN-licensed institutions developing innovative financial or payments-related solutions;
- Institutions licensed by other financial services regulators within Nigeria, where the proposed innovation intersects with payments, digital financial services, financial data usage, or other areas within the sandbox scope;
- Institutions licensed by recognised financial services regulators outside Nigeria, where the innovation is adaptable to the Nigerian market and can satisfy applicable sandbox entry requirements;
- Virtual Asset Service Providers (VASPs), including entities operating in stablecoin issuance, virtual asset payments, exchange services, custody, and related infrastructure;
- Startups and technology companies without existing financial licences, provided the proposed solution is innovative and sufficiently developed for controlled live testing.
All applicants must demonstrate:
- The solution is ready for live testing in a controlled environment
- Inherent risks have been assessed and mitigated in accordance with sandbox guidelines
- Effective AML/CFT/CPF controls
- Appropriate consumer safeguards
- The technical ability to comply with reporting and incident-notification requirements during the sandbox period
Application
Complete the online application form and upload all required documentation, including corporate approvals, governance information, product details, and any mandatory annexures.
For more information, visit CBN Regulatory Sandbox.
