By Precious Mark
The Central Bank of Nigeria (CBN) has announced the commencement of Cohort 2 of its Regulatory Sandbox Programme, opening the application window from August 12, 2026, until August 31, 2026, for eligible financial institutions, fintechs, Virtual Asset Service Providers (VASPs), and technology companies.
Disclosing the development in a statement issued on Wednesday, the Acting Director of Corporate Communications, Hakama Sidi Ali, explained that the intake provides a controlled environment for testing innovative financial products and services directly under central bank supervision.
She noted that the initiative builds on the apex bank’s commitment to responsible innovation while maintaining high standards of consumer protection, financial stability, and market integrity.
Sidi Ali stated that Cohort 2 introduces two dedicated testing tracks to support emerging technologies with the potential to strengthen Nigeria’s financial system.
The CBN outlined the two specialized tracks under the new cohort.
The Virtual Asset Service Provider (VASP) Track is designed to support innovative solutions in virtual assets, stablecoins, payment systems, settlement mechanisms, custody services, digital wallets, and related financial infrastructure requiring supervised live testing.
Alongside it, the Data-Enabled Financial Services (Non-VASP) Track is tailored for innovations that leverage secure digital infrastructure and permission-based data sharing to advance financial inclusion, payment processing, credit scoring, risk management, and overall operational efficiency.
The regulatory sandbox offers a controlled environment where participants can test new financial products, services, and business models. Insights gained from this controlled testing will be used by the CBN to deepen its understanding of emerging technologies and inform future regulatory frameworks for Nigeria’s evolving digital economy.
The apex bank clarified that selection will be based on key criteria, including the degree of innovation, readiness for controlled live testing, potential consumer or market benefits, governance structures, risk management capabilities, and the overall suitability of the proposed testing plan.
Sidi Ali emphasized that selection into the sandbox does not grant a full operating license or authorization to operate outside approved parameters, noting that the program is strictly intended to facilitate evidence-based policy development.
Interested organizations are required to submit their proposals through the official CBN Regulatory Sandbox Portal prior to the August 31 deadline.