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The CBN has opened applications for the second cohort of its Regulatory Sandbox Programme, with applications running from August 12 to August 31, 2026.
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The new cohort introduces separate tracks for Virtual Asset Service Providers and data-enabled financial services, expanding the scope of innovations eligible for supervised testing.
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Successful applicants will test their solutions under defined CBN parameters, although participation in the sandbox does not constitute a licence or approval to operate outside the approved testing framework.
August 11, (THEWILL) — 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 supporting innovation in virtual assets and data-enabled financial services.
Applications for the programme opened on August 12, 2026, and will close on August 31, 2026.
The latest cohort is designed to give eligible innovators a controlled environment to test new financial products, services, business models and technologies under the supervision of the apex bank.
Two Tracks for Emerging Financial Technologies
The first track, dedicated to Virtual Asset Service Providers (VASPs), will support innovations involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure that require supervised live testing.
The second, the Data-Enabled Financial Services Track, excludes VASPs and will focus on innovations using secure digital infrastructure and permission-based data sharing.
According to the CBN, eligible solutions under the second track may improve financial inclusion, payments, credit access, risk management, operational efficiency and consumer outcomes.
The bank said the two-track structure reflects the changing nature of financial innovation and allows regulatory testing to be more closely aligned with the risks and opportunities presented by emerging technologies.
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CBN Sets Conditions for Participation
The CBN said applications will be assessed based on several factors, including the level of innovation, readiness for controlled live testing, potential consumer or market benefits and the strength of applicants’ governance and risk-management arrangements.
Applicants will also be required to demonstrate that their proposed testing plans are suitable for supervised experimentation.
Successful participants will conduct their tests within clearly defined parameters agreed with the CBN. These will include safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
The apex bank stressed that entering the Regulatory Sandbox does not amount to receiving a licence, authorisation or approval to operate outside the approved testing parameters.
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Sandbox to Support Regulatory Learning
The CBN said the programme is intended not only to help innovators test their products but also to strengthen engagement between regulators and emerging financial technology businesses.
Through supervised testing, the bank expects to gain practical insights into new technologies and business models, which could help shape future regulatory and supervisory frameworks for Nigeria’s digital financial ecosystem.
Commenting on the launch, the Director of the Payments System Policy Department, CBN, Musa Jimoh, said financial innovation was transforming how individuals and businesses access and use financial services.
He said the sandbox, powered by technology in partnership with EMTECH, would allow promising solutions to be tested responsibly while maintaining safeguards for consumers and the wider financial system.
The CBN encouraged eligible organisations to apply through its Regulatory Sandbox Portal before the August 31 deadline.
The latest cohort forms part of the bank’s broader effort to develop a financial ecosystem that supports innovation and inclusion while preserving the stability, resilience and integrity of Nigeria’s financial system.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
