The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing dedicated tracks for virtual asset service providers and data-enabled financial services.
Applications opened on August 12, 2026, and will close on August 31, 2026, according to a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi Ali.
The second cohort will operate under two tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
The VASP Track is designed for innovative solutions involving 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 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.
According to the apex bank, the programme enables innovators and regulators to work together during the testing process, allowing the CBN to better understand emerging technologies while ensuring that innovation develops responsibly.
The regulator said the launch of the second cohort forms part of its efforts to maintain a transparent, proportionate and risk-based regulatory framework that supports innovation without compromising monetary and financial stability.
It added that lessons gathered from supervised testing would help inform future regulatory and supervisory frameworks as Nigeria’s digital financial ecosystem continues to evolve.
Commenting on the programme, Director of the CBN’s Payments System Policy Department, Musa Jimoh, said technological innovation was changing the way individuals and businesses access financial services.
“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,” Jimoh said.
He said the creation of separate tracks for virtual asset providers and data-enabled financial services reflected changes in the financial innovation landscape.
“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 added.
The CBN said applications would be evaluated based on several criteria, including the level of innovation, readiness for controlled live testing, potential benefits to consumers and the wider market, governance arrangements, risk management capacity and the suitability of the proposed testing plan.
Successful applicants will conduct supervised testing within parameters agreed upon with the CBN.
The testing process will include safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
However, the apex bank stressed that participation in the Regulatory Sandbox does not constitute a licence, authorisation or approval to operate outside the approved testing parameters.
The CBN said the programme is intended to support responsible experimentation, strengthen collaboration between regulators and innovators, and promote evidence-based policymaking.
Eligible organisations interested in participating are required to submit their applications through the CBN Regulatory Sandbox Portal before the August 31 deadline.
The apex bank said the initiative would contribute to the development of a more innovative, resilient and inclusive financial system while preserving the safety, soundness and integrity of Nigeria’s financial sector.
