The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing two dedicated tracks for innovations in virtual assets and data-enabled financial services.
Applications will open on August 12 and close on August 31, 2026, according to a statement signed by the Acting Director of Corporate Communications and Investor Relations Department, Hakama Sidi Ali.
The new cohort will operate through the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
The VASP Track is designed for innovations involving virtual assets, stablecoins, payments, settlement, custody, wallets and other related financial infrastructure requiring supervised live testing.
The Data-Enabled Financial Services Track, which excludes VASPs, will focus on solutions using 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 organisations can test innovative financial products, services, business models and technologies under the bank’s supervision.
It said the programme would enable innovators and regulators to assess emerging solutions through supervised testing while identifying potential risks and regulatory requirements.
According to the bank, the second cohort is part of efforts to establish a transparent, proportionate and risk-based regulatory framework that supports financial innovation without compromising monetary and financial stability.
The CBN said findings from the supervised testing would also help strengthen its understanding of emerging technologies and inform future regulatory and supervisory frameworks for Nigeria’s digital financial ecosystem.
Director of the CBN’s Payments System Policy Department, Musa Jimoh, said technological innovation was changing how individuals and businesses access financial services.
He said the sandbox, powered by technology in partnership with EMTECH, would provide a structured platform for regulators and innovators to test new solutions while maintaining safeguards for consumers and the financial system.
Jimoh said the introduction of separate tracks for VASPs and data-enabled financial services reflected the changing nature of financial technology and the CBN’s commitment to responsible innovation.
Applicants will be assessed based on factors including the level of innovation, readiness for controlled live testing, potential benefits to consumers and the market, governance arrangements, risk management capacity and the suitability of their proposed testing plans.
Successful participants will conduct supervised testing within parameters agreed with the CBN, including measures covering consumer protection, cybersecurity, operational resilience and regulatory reporting.
The bank, however, stressed that participation in the sandbox does not amount to a licence or authorisation to operate outside the approved testing parameters.
Interested organisations can apply through the CBN Regulatory Sandbox Portal before the August 31 deadline.
