CBN Opens Applications for Second Cohort of Regulatory Sandbox Programme
Oru Leonard
ABUJA — The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing a new dual-track structure aimed at promoting responsible innovation in virtual assets and data-enabled financial services.
The application window opens on August 12, 2026, and closes on August 31, 2026, according to a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi Ali.
The second cohort will operate under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
The VASP Track will 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 the Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under the Bank’s supervision.
It added that the programme allows innovators and regulators to engage constructively during testing, promotes regulatory learning and encourages responsible innovation that benefits consumers and the wider financial system.
According to the apex bank, the launch of the second cohort underscores its commitment to a transparent, proportionate and risk-based regulatory environment that supports innovation while safeguarding monetary and financial stability.
The CBN said insights generated from supervised testing would enhance its understanding of emerging technologies and contribute to the development of appropriate regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.
Commenting on the programme, the Director, Payments System Policy Department, CBN, Musa Jimoh, said financial innovation was transforming the way individuals and businesses access and use financial services.
Jimoh said the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, provides a structured and collaborative platform for innovators and regulators to test promising solutions responsibly while maintaining safeguards for consumers and the financial system.
He said the introduction of dedicated tracks for VASPs and data-enabled financial services reflected the changing nature of financial innovation and the CBN’s commitment to ensuring that Nigeria’s regulatory environment supports responsible and transparent innovation.
The CBN encouraged eligible organisations with innovations within the programme’s scope to apply, noting that applications would be evaluated based on the level of innovation, readiness for controlled live testing, potential consumer or market benefits, governance arrangements, risk-management capacity and the suitability of proposed testing plans.
Successful applicants will undertake supervised testing within clearly defined parameters agreed with the CBN, including safeguards for consumer protection, operational resilience, cybersecurity and regulatory reporting.
The 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 initiative is designed 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 before the August 31, 2026 deadline.
The Bank reaffirmed its commitment to fostering an innovative, resilient and inclusive financial ecosystem capable of supporting sustainable economic growth while preserving the safety, soundness and integrity of Nigeria’s financial system.
