Business
CBN opens second sandbox for virtual assets, data-driven finance
By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria, CBN, yesterday opened applications for the second cohort of its Regulatory Sandbox Programme, introducing dedicated tracks for virtual assets and data-enabled financial services.
Applications open today and close August 31, 2026, with the programme providing a controlled environment for innovators to test new financial products, services, business models and technologies under CBN supervision.
The CBN, in a statement signed by Acting Director, Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, said the second cohort would operate under two tracks – the Virtual Asset Service Provider, VASP, Track and the Data-Enabled Financial Services Track.
According to the bank, the VASP Track will support solutions involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure requiring supervised live testing.
The Data-Enabled Financial Services Track, excluding VASPs, will focus on innovations using secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.
The apex bank said the sandbox would allow innovators and regulators to engage during testing of emerging solutions, promoting regulatory learning and responsible innovation.
Commenting on the programme, Director, Payments System Policy Department, CBN, Mr. Musa Jimoh, said financial innovation was transforming how individuals and businesses accessed financial services.
He said the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, provides a structured platform for testing promising solutions while maintaining safeguards for consumers and the financial system.
The CBN said eligible organisations would be assessed on innovation, readiness for controlled live testing, consumer and market benefits, governance, risk management and proposed testing plans.
Successful applicants would conduct supervised testing within parameters agreed with the CBN, subject to safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
The apex bank stressed that participation in the sandbox does not constitute a licence or authorisation to operate outside approved testing parameters.
It urged eligible organisations to submit applications through the CBN Regulatory Sandbox Portal before the August 31 deadline.
