The Central Bank of Nigeria (CBN) has invited applications for the second cohort of its Regulatory Sandbox Programme, with dedicated tracks for Virtual Asset Service Providers (VASPs) and data-enabled financial services.
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The application window opens today, August 12, 2026, and closes on August 31, 2026, as the apex bank seeks to deepen responsible innovation within Nigeria’s evolving digital financial ecosystem.
The CBN, in a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi Ali, said the second cohort would operate under two dedicated tracks – the VASP Track and the Data-Enabled Financial Services Track.
According to the bank, the VASP Track is designed to 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 that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.
The CBN said the Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under its supervision.
It added that the programme allows innovators and regulators to engage constructively throughout the testing process, while supporting regulatory learning and promoting responsible innovation that benefits consumers and the broader financial system.
The apex bank said the launch of the second cohort underscored its commitment to a transparent, proportionate, and risk-based regulatory environment that promotes innovation while safeguarding monetary and financial stability.
It explained that lessons from supervised testing would enhance the CBN’s understanding of emerging technologies and contribute to the development of regulatory and supervisory frameworks for Nigeria’s digital financial ecosystem.
Commenting on the initiative, the Director, Payments System Policy Department, CBN, Mr Musa Jimoh, said financial innovation was continuously changing the way individuals and businesses access and use financial services.
Jimoh said the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, provides a structured and collaborative platform for innovators and regulators to test promising solutions responsibly while maintaining appropriate safeguards.
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.”
The CBN said applications would be evaluated based on the level of innovation, readiness for controlled live testing, potential benefits to consumers or the market, governance arrangements, risk management capacity and the suitability of the proposed testing plan.
Successful applicants, it added, would undertake supervised testing within clearly defined parameters agreed with the CBN.
The testing would be subject to appropriate safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
The apex 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 designed to facilitate responsible experimentation, strengthen engagement between regulators and innovators, and support evidence-based policy development in line with the CBN’s statutory mandate.
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