The Central Bank of Nigeria has thrown open applications for the second cohort of its Regulatory Sandbox Programme, unveiling two dedicated testing tracks aimed at virtual asset services and data-driven financial innovation.
The new cohort will run along two parallel tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track. The VASP Track will accommodate innovations involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure that require supervised live testing. The second track, which excludes VASPs, will focus on solutions using secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit access, risk management, operational efficiency and consumer outcomes.
Applications opened on August 12, 2026, and will close on August 31, 2026, with interested firms required to submit through the CBN Regulatory Sandbox Portal.
The apex bank described the sandbox as a controlled environment where eligible participants can test new financial products, services, business models and technologies under its supervision, allowing regulators and innovators to engage throughout the testing process. It added that lessons drawn from supervised testing would help shape future regulatory and supervisory frameworks as Nigeria’s digital financial ecosystem continues to evolve.
Musa Jimoh, Director of the CBN’s Payments System Policy Department, said the rapid pace of financial innovation is reshaping how individuals and businesses access financial services. He noted that the sandbox, powered by technology in partnership with EMTECH, offers a structured space for regulators and innovators to trial new solutions while preserving safeguards for consumers and the wider financial system. He added that the creation of separate tracks for VASPs and data-enabled financial services reflects the shifting nature of financial innovation and the CBN’s broader effort to build out its regulatory environment.
The second cohort builds on the CBN’s earlier sandbox initiative, which first opened applications in December 2022 and closed its window in February 2023.
