The Central Bank of Nigeria (CBN) is accepting applications for Regulatory Sandbox Cohort 2 through its sandbox portal.
This opportunity gives fintechs, Virtual Asset Service Providers (VASPs), financial institutions, and technology companies a controlled environment to test products with live users under CBN supervision. In addition,
Application Deadline
- Applications currently open (Cohort 2)
Tell Me About The Program
The CBN Regulatory Sandbox is a secure, controlled testing environment where innovators, fintechs, financial institutions, and technology providers can test new financial products and business models under the supervision of the Central Bank of Nigeria. It is designed to promote responsible innovation, financial inclusion, consumer protection, and system stability.
Which Fields are Eligible
Two strategic tracks are available:
- Virtual Asset & Stablecoin Track (VASP)
- Fiat‑backed stablecoin payments
- Stablecoin issuance models
- Virtual asset payments
- Digital wallet infrastructure
- Custody solutions
- Token‑based products
- Fiat on/off‑ramp services
- Stablecoin & payment‑token exchanges
- Non‑VASP Track (Data‑Enabled Financial Services)
- Open banking data exchange
- Account aggregation
- Payment initiation services
- Fraud prevention & real‑time risk analytics
- Credit decisioning, affordability & recovery
Type
- Innovation Testing Programme | Financial Technology | Nigeria
Who Can Apply
Applicants may include:
- CBN‑licensed institutions developing innovative financial/payment solutions.
- Institutions licensed by other Nigerian regulators where innovation intersects with payments or financial data.
- Institutions licensed abroad, adaptable to the Nigerian market.
- Virtual Asset Service Providers (VASPs) (stablecoin issuance, custody, exchanges, wallets).
- Startups/tech companies without licences, provided solutions are sufficiently developed for live testing.
All applicants must demonstrate:
- Readiness for live testing.
- Risk assessment and mitigation.
- Effective AML/CFT/CPF controls.
- Consumer safeguards.
- Technical ability to comply with reporting and incident‑notification requirements.
How Are Participants Selected
- Applications assessed for completeness, eligibility, product readiness, risk management, and suitability.
- Successful applicants onboarded for supervised testing.
Which Countries are Eligible
- Nigeria (local and foreign institutions adaptable to Nigerian market).
Where Will the Program Be Taken
- Nigeria (CBN Regulatory Sandbox portal + supervised live testing environment).
How Many Participants
- Cohort size not specified; competitive selection.
What is the Benefit of the Program
For innovators:
- Regulatory engagement from the outset.
- Supervised testing environment.
- Reduced uncertainty and regulatory risk.
- Improved product credibility and trust.
- Enhanced readiness for commercialisation.
For the ecosystem:
- Increased financial inclusion.
- Safer adoption of emerging technologies.
- Evidence‑based policy development.
- Improved market integrity and consumer confidence.
How Long Will the Program Last
- Duration defined by sandbox testing parameters (limits on users, transaction volumes, and test period).
Required Documents
- Corporate approvals and governance information.
- Product details and technical documentation.
- Risk‑control and compliance frameworks.
- Mandatory annexures (as per sandbox application questionnaire).
How to Apply
- Access the CBN Regulatory Sandbox portal via the CBN website.
- Register and upload required documents.
- Application assessed for eligibility and readiness.
- Successful applicants onboarded for supervised testing.
🌐 Visit the application webpage