The Central Bank of Nigeria has announced the commencement of the second cohort of its Regulatory Sandbox Programme, with a new dual-track structure designed to support responsible innovation in virtual assets and data-enabled financial services.

The programme, which opens for applications on August 12, 2026 and closes on August 31, 2026, will run under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.

A statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, said the VASP Track will support innovative solutions in virtual assets, stablecoins, payments, settlement, custody, wallets, and related financial infrastructure that require supervised live testing.

The Data-Enabled Financial Services Track, which excludes VASPs, will focus on innovations that use secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.

The statement said the Regulatory Sandbox offers a controlled environment in which eligible participants can test innovative financial products, services, business models, and enabling technologies under its supervision.

According to the bank, the programme enables 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 noted that 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 the way individuals and businesses access and use financial services.

He said: “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.

“The introduction of dedicated tracks for Virtual Asset Service Providers and data-enabled financial services reflects the evolving nature of financial innovation and our commitment to ensuring that Nigeria’s regulatory environment continues to support responsible, transparent innovation that is aligned with the long-term development of our financial system,” he noted.

The CBN encouraged all eligible organisations whose proposed innovations fall within the programme’s scope to apply.

It explained that 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, according to the CBN, will undertake supervised testing within clearly defined parameters agreed with the CBN, including appropriate 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 Sandbox was intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with its statutory mandate.

While advising interested applicants to apply through the CBN Regulatory Sandbox Portal at https://sandbox.cbn.gov.ng before the deadline, the statement reaffirmed the Bank’s commitment to fostering an innovative, resilient, and inclusive financial ecosystem that supports sustainable economic growth while maintaining the safety, soundness, and integrity of Nigeria’s financial system.

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