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Contest

CBN Regulatory Sandbox Cohort 2 for Nigerian Fintech Innovators.

Unknown sponsor · Nigeria

Posted 2 months ago

Host country: Nigeria

About this contest

Application Deadline: Ongoing

Applications are now open for the CBN Regulatory Sandbox. The Regulatory Sandbox supports the safe introduction of innovative financial solutions by allowing participants to conduct live tests under CBN oversight, in line with the Bank’s objectives to enhance innovation, promote financial inclusion, and strengthen consumer protection.

Objectives of the Sandbox

Through this Cohort, the CBN will:

Collaboration with innovators

Enhance collaboration with innovators to safely introduce new technologies into the financial system.

Expanded access

Promote solutions that expand access to digital financial services.

A secure ecosystem

Maintain a secure, efficient, and inclusive payments and financial ecosystem.

Virtual asset testing

Support controlled testing of virtual asset and stablecoin propositions that may involve payment use cases, fiat on/off-ramp arrangements, digital wallets, custody structures, token-based products, compliance technology, and related market infrastructure.

Evidence for policy

Generate evidence to inform future supervisory, policy, and licensing decisions in areas where innovation is evolving faster than traditional regulatory models.

Eligibility

Applications are open to

CBN-licensed institutions developing innovative financial or payments-related solutions
Institutions licensed by other financial services regulators within Nigeria, where the proposed innovation intersects with payments, digital financial services, financial data usage, or other areas within the sandbox scope
Institutions licensed by recognised financial services regulators outside Nigeria, where the innovation is adaptable to the Nigerian market and can satisfy applicable sandbox entry requirements
Virtual Asset Service Providers (VASPs), including entities operating in stablecoin issuance, virtual asset payments, exchange services, custody, and related infrastructure
Startups and technology companies without existing financial licences, provided the proposed solution is innovative and sufficiently developed for controlled live testing

All applicants must demonstrate

The solution is ready for live testing in a controlled environment
Inherent risks have been assessed and mitigated in accordance with sandbox guidelines
Effective AML/CFT/CPF controls
Appropriate consumer safeguards
The technical ability to comply with reporting and incident-notification requirements during the sandbox period

Cohort 2 Tracks

The CBN is prioritising innovations aligned to two strategic regulatory focus areas, which together form the two tracks of Cohort 2.

VASP Track

Virtual Asset & Stablecoin Financial Services

Non-VASP Track

Data-Enabled Financial Services

Benefits

For innovators

Regulatory engagement from the outset
Access to a supervised testing environment
Reduced uncertainty and regulatory risk
Improved product credibility and trust
Enhanced readiness for commercialisation
Better understanding of compliance obligations
Opportunity to demonstrate innovation at scale

For the ecosystem

Increased financial inclusion
Safer adoption of emerging technologies
Evidence-based policy development
Improved market integrity
Enhanced consumer confidence
More resilient financial infrastructure

How to Apply

All interested applicants must complete their registration and submission through the CBN Regulatory Sandbox portal.

Access the Portal

Applications are submitted through the Regulatory Sandbox portal, accessible through the CBN’s website.

Register & Upload

Complete the online application form and upload all required documentation, including corporate approvals, governance information, product details, and any mandatory annexures.