Application Deadline: Ongoing
Applications are now open for the CBN Regulatory Sandbox. The Regulatory Sandbox supports the safe introduction of innovative financial solutions by allowing participants to conduct live tests under CBN oversight, in line with the Bank’s objectives to enhance innovation, promote financial inclusion, and strengthen consumer protection.
Objectives of the Sandbox
Through this Cohort, the CBN will:
Collaboration with innovators
Enhance collaboration with innovators to safely introduce new technologies into the financial system.
Expanded access
Promote solutions that expand access to digital financial services.
A secure ecosystem
Maintain a secure, efficient, and inclusive payments and financial ecosystem.
Virtual asset testing
Support controlled testing of virtual asset and stablecoin propositions that may involve payment use cases, fiat on/off-ramp arrangements, digital wallets, custody structures, token-based products, compliance technology, and related market infrastructure.
Evidence for policy
Generate evidence to inform future supervisory, policy, and licensing decisions in areas where innovation is evolving faster than traditional regulatory models.
Eligibility
Applications are open to
- CBN-licensed institutions developing innovative financial or payments-related solutions
- Institutions licensed by other financial services regulators within Nigeria, where the proposed innovation intersects with payments, digital financial services, financial data usage, or other areas within the sandbox scope
- Institutions licensed by recognised financial services regulators outside Nigeria, where the innovation is adaptable to the Nigerian market and can satisfy applicable sandbox entry requirements
- Virtual Asset Service Providers (VASPs), including entities operating in stablecoin issuance, virtual asset payments, exchange services, custody, and related infrastructure
- Startups and technology companies without existing financial licences, provided the proposed solution is innovative and sufficiently developed for controlled live testing
All applicants must demonstrate
- The solution is ready for live testing in a controlled environment
- Inherent risks have been assessed and mitigated in accordance with sandbox guidelines
- Effective AML/CFT/CPF controls
- Appropriate consumer safeguards
- The technical ability to comply with reporting and incident-notification requirements during the sandbox period
Cohort 2 Tracks
The CBN is prioritising innovations aligned to two strategic regulatory focus areas, which together form the two tracks of Cohort 2.
VASP Track
Virtual Asset & Stablecoin Financial Services
Non-VASP Track
Data-Enabled Financial Services
Benefits
For innovators
- Regulatory engagement from the outset
- Access to a supervised testing environment
- Reduced uncertainty and regulatory risk
- Improved product credibility and trust
- Enhanced readiness for commercialisation
- Better understanding of compliance obligations
- Opportunity to demonstrate innovation at scale
For the ecosystem
- Increased financial inclusion
- Safer adoption of emerging technologies
- Evidence-based policy development
- Improved market integrity
- Enhanced consumer confidence
- More resilient financial infrastructure
How to Apply
All interested applicants must complete their registration and submission through the CBN Regulatory Sandbox portal.
- Access the Portal
Applications are submitted through the Regulatory Sandbox portal, accessible through the CBN’s website.
- Register & Upload
Complete the online application form and upload all required documentation, including corporate approvals, governance information, product details, and any mandatory annexures.
- Assessment & Approval
Applications are assessed for completeness, eligibility, product readiness, risk management capability, and overall suitability for sandbox testing.
- Onboarding
Successful applicants are formally notified and issued the next steps for onboarding, integration, and supervised testing.
For More Information:
Visit the Official Webpage of the CBN Regulatory Sandbox
