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The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, inviting eligible innovators, financial institutions, Virtual Asset Service Providers (VASPs), fintechs and technology companies to participate.
The apex bank said applications for Cohort 2 would open on August 12, 2026, and close on August 31, 2026.
According to a statement by the Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, the new cohort features two dedicated testing tracks designed to support emerging technologies capable of strengthening the country’s financial system.
The first is the Virtual Asset Service Provider (VASP) Track, which will support innovative solutions involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure that require supervised live testing.
The second is the Data-Enabled Financial Services (Non-VASP) Track, which is focused 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 participants can test innovative financial products, services, business models and enabling technologies under the supervision of the apex bank.
It added that the programme would enable regulators and innovators to engage throughout the testing process, promoting regulatory learning while encouraging responsible innovation that benefits consumers and the wider financial system.
Interested organisations are encouraged to submit their applications through the CBN Regulatory Sandbox Portal before the August 31 deadline.
The CBN said it remained committed 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.
The statement read in part, “The launch of Cohort 2 reflects the CBN’s continued commitment to developing a transparent, proportionate, and risk-based regulatory environment that fosters innovation while preserving monetary and financial stability. Insights from supervised testing will help deepen regulatory understanding of emerging technologies and inform the ongoing development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.
“Eligible organisations whose proposed innovations fall within the programme’s scope are encouraged to apply. Applications will 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 will undertake supervised testing within clearly defined parameters agreed with the CBN, including appropriate safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.
“Participation in the Regulatory Sandbox does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters. The Sandbox is intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with the CBN’s statutory mandate.”
