The Central Bank of Nigeria has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing separate testing tracks for virtual asset services and data-driven financial innovations.
The second cohort will operate through two tracks: the Virtual Asset Service Provider Track and the Data-Enabled Financial Services Track.
The VASP Track will accommodate innovations involving virtual assets, stablecoins, payments, settlement, custody, wallets and other related financial infrastructure that require supervised live testing.
The Data-Enabled Financial Services Track, which excludes VASPs, will target solutions that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit access, risk management, operational efficiency and consumer outcomes.
The CBN said the sandbox provides a controlled environment where eligible firms can test new financial products, services, business models and technologies under regulatory supervision.
