The Central Bank of Nigeria (CBN) has officially opened applications for Cohort 2 of its Regulatory Sandbox, providing a secure, supervised environment for fintech companies and financial institutions to live-test innovative products under direct oversight. Designed to foster collaboration, expand access to digital financial services, and maintain a secure payments infrastructure, Cohort 2 aims to safely introduce emerging financial technologies; including stablecoins, virtual assets, digital wallets, and tokenized products, into Nigeria’s financial ecosystem while gathering evidence to shape future regulatory policies and licensing frameworks.
Eligibility Criteria
Applications are open to a broad range of domestic and international participants:
- CBN-Licensed Institutions: Financial entities developing innovative payment or fintech products.
- Other Nigerian Regulated Institutions: Entities licensed by other Nigerian regulators whose products intersect with payments, financial data, or digital services.
- Foreign Regulated Entities: Institutions licensed outside Nigeria whose solutions can be adapted to the local market and fulfill sandbox requirements.
- Virtual Asset Service Providers (VASPs): Entities specializing in stablecoin issuance, virtual asset payments, exchanges, or custody infrastructure.
- Unlicensed Startups & Tech Companies: Early-stage innovators without existing financial licenses, provided their product is mature enough for controlled live testing.
Core Applicant Requirements
All applicants must demonstrate:
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- A solution ready for live testing in a controlled environment.
- Comprehensive risk assessment and mitigation strategies.
- Robust Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter Proliferation Financing (CPF) controls.
- Clear consumer protection safeguards.
- Technical capability to satisfy regulatory reporting and incident-notification protocols.
Key Benefits
For Innovators
- Early and direct engagement with regulators.
- Reduced regulatory uncertainty and compliance risk.
- Enhanced product credibility, market trust, and readiness for full-scale commercialization.
- Access to a structured environment to demonstrate innovation safely.
For the Financial Ecosystem
- Accelerated financial inclusion.
- Enhanced consumer confidence and market integrity.
- Informed, evidence-based regulatory policymaking.
- Safer adoption of emerging financial technologies.
How to Apply
Applications are handled online via the CBN portal. Applicants are advised to read the full guide and guidelines before submitting their application directly through the official website: https://sandbox.cbn.gov.ng/
Disclaimer
Edfrica shares opportunities for informational purposes only. Results and funding outcomes are not guaranteed.
