By Isaac Mission
The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, creating dedicated testing tracks for virtual assets and data-driven financial services.
According to the apex bank, applications for the programme opened on August 12, 2026, and will close on August 31, 2026.
The second cohort will operate under two specialised categories: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
The VASP Track is targeted at innovative solutions involving virtual assets, stablecoins, payments, settlement systems, custody services, digital wallets and other related financial infrastructure requiring controlled live testing.
The Data-Enabled Financial Services Track, which does not cover VASPs, is focused on financial innovations that use secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit services, 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, technologies, services and business models under regulatory supervision.
The initiative also allows innovators and regulators to collaborate during testing, enabling the CBN to better understand emerging technologies while ensuring that appropriate safeguards are maintained.
The apex bank said the launch of the second cohort is part of its effort to develop a transparent, proportionate and risk-based regulatory framework that supports innovation without undermining monetary and financial stability.
The CBN added that findings from the supervised testing process could contribute to the development of future regulatory and supervisory frameworks as Nigeria's digital financial sector continues to expand.
The Director of the Payments System Policy Department at the CBN, Musa Jimoh, said technological advancement was transforming the way individuals and businesses access financial services.
He explained that the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, provides a structured platform for regulators and innovators to engage and test promising solutions while maintaining safeguards for consumers and the wider financial system.
Jimoh said the decision to create separate tracks for virtual asset providers and data-enabled financial services reflects the changing landscape of financial innovation.
The CBN said applications would be evaluated based on several factors, including the level of innovation, readiness for controlled live testing, expected benefits to consumers and the wider market, governance structures, risk-management capacity and the proposed testing plan.
Successful applicants will be permitted to conduct supervised testing within parameters agreed upon with the CBN.
The testing process will include safeguards covering consumer protection, cybersecurity, operational resilience and regulatory reporting.
However, the apex bank stressed that admission into the Regulatory Sandbox should not be interpreted as a licence, authorisation or approval to operate outside the specific parameters approved for testing.
The CBN said the programme is intended to promote responsible experimentation, improve engagement between financial regulators and innovators, and support evidence-based policymaking.
Eligible organisations interested in participating are required to submit their applications through the CBN Regulatory Sandbox Portal before the August 31, 2026 deadline.
The apex bank said the initiative would support the development of a more innovative, resilient and inclusive financial system while preserving the safety, soundness and integrity of Nigeria's financial sector.
