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The Central Bank of Nigeria (CBN) Regulatory Sandbox Goes Live
The Central Bank of Nigeria (CBN) regulatory sandbox has gone live, the bank has announced.
“As such, we invite participants in the financial system to submit Expressions of Interest to participate in the Regulatory Sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders,” the bank said in a tweet thread.
According to CBN, the Regulatory Sandbox is a formal process for firms to conduct live tests of new, innovative products, services, delivery channels, or business models in a controlled environment with regulatory oversight.
The Sandbox application process is open to both existing CBN licensees (financial institutions with fintech initiatives) and other non-regulated technology companies intending to test innovative financial solutions, products, or services deemed acceptable by the CBN.
However, the bank is more concerned with applications of novel technologies not covered by law.
“Innovative financial service/products deemed acceptable by the CBN and tests proposing non-regulated financial products and services using emerging technologies, i.e., Innovators whose proposed solution involves technologies which are currently not covered under existing CBN regulations. Tests are limited to payment products and services.”
Among the criteria for acceptance include being an innovative product or service with clear potential to:
The applicant should submit an application form along with all complete information and relevant details. Prior to submitting an application, the applicant can seek clarification regarding the sandbox by writing a mail to s[email protected]
The CBN’s sandbox was initiated in 2021 with the publication of the Framework for Regulatory Sandbox Operations.