The Central Bank of Nigeria (CBN) has announced the commencement of the second cohort of its Regulatory Sandbox Programme, introducing a new dual-track structure to support responsible 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 new cohort will operate under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
In a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi Ali, the CBN said the VASP Track would 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.
According to the apex bank, the Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under CBN supervision.
The programme is also designed to facilitate engagement between innovators and regulators during testing, promote regulatory learning and encourage responsible innovation that benefits consumers and the broader financial system.
The CBN said the launch of the second cohort reflects its commitment to maintaining a transparent, proportionate and risk-based regulatory environment that supports innovation while safeguarding monetary and financial stability.
It added that insights from supervised testing would help deepen regulatory understanding of emerging technologies and inform the development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.
Commenting on the initiative, 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.
Jimoh said the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, would enable innovators and regulators to work together in a structured environment where promising solutions could be tested responsibly while maintaining safeguards for consumers and the financial system.
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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 developing a regulatory environment that supports responsible and transparent innovation.
The apex bank encouraged eligible organisations whose proposed innovations fall within the scope of the programme to apply.
Applications will be assessed based on factors including the level of innovation, readiness for controlled live testing, potential consumer or market benefits, governance arrangements, risk management capacity and the suitability of the proposed testing plan.
Successful applicants will conduct supervised testing within parameters agreed with the CBN, including safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
However, the CBN stressed that participation in the Regulatory Sandbox does not amount to a licence, authorisation or approval to operate outside the approved testing parameters.
The bank said the Sandbox is intended to promote responsible experimentation, strengthen regulatory engagement and support evidence-based policy development in line with its statutory mandate.
Interested applicants have been advised to submit their applications through the CBN Regulatory Sandbox Portal before the August 31 deadline.
