CBN Opens New Round of Testing Programme for Digital Money and Fintech Companies
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has begun the second round of its Regulatory Sandbox Programme, this time introducing two separate tracks that will allow companies to test new financial technology products under close supervision.
According to a statement signed by the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, applications for the programme open on August 12, 2026 and closes on August 31, 2026. The two tracks are the Virtual Asset Service Provider Track and the Data-Enabled Financial Services Track.
Under the Virtual Asset Service Provider Track, the CBN will supervise the testing of products built around virtual assets such as digital currencies, stablecoins, digital wallets, and other systems used for payment, settlement, and custody of such assets. The second track, which does not cover virtual asset companies, will focus on innovations that rely on secure data sharing to improve access to financial services, credit, payments, and overall efficiency for consumers.
The statement explained that the Regulatory Sandbox gives selected companies a safe and controlled space to try out new financial products and business models while regulators observe how they work in practice.
The apex bank said the arrangement allows innovators and regulators to work together during the testing period, helping the CBN better understand new technologies while making sure consumers and the financial system remain protected.
The bank added that the decision to open a second cohort shows its continued interest in creating a fair and carefully monitored environment where innovation can grow without putting Nigeria’s financial system at risk. It said that whatever is learnt from the testing process will help shape future rules guiding financial technology in the country.
Speaking on the development, the Director of the Payments System Policy Department, Mr. Musa Jimoh, said the way people and businesses use financial services continues to change rapidly because of innovation.
He explained, “The CBN Regulatory Sandbox, which is powered by technology in partnership with EMTECH, enables innovators and regulators to engage in a structured and collaborative manner, allowing promising solutions to be tested responsibly while maintaining appropriate safeguards for consumers and the financial system.”
He also said the creation of separate tracks for virtual asset companies and data-driven financial services shows how financial innovation is evolving, and represents the CBN’s effort to make sure Nigeria’s regulations continue to support innovation that is open, responsible, and beneficial in the long run.
The CBN called on interested companies whose innovations fit within the programme to submit applications. It said that applications would be reviewed based on how innovative the product is, whether it is ready for live testing, its potential benefit to consumers or the market, how well the company is governed, its ability to manage risk, and how suitable its testing plan appears to be.
Successful applicants, the bank said, will carry out their testing under strict conditions agreed upon with the CBN, which will include protections for consumers, measures to ensure smooth operations, cybersecurity safeguards, and regular reporting to the regulator.
However, the CBN made clear that being accepted into the Sandbox does not amount to receiving a licence or approval to operate a business outside the boundaries of the supervised testing.
The bank said the programme is designed to encourage safe experimentation, strengthen its relationship with innovators, and support policies that are based on real evidence and practical results.
Interested applicants have been advised to apply through the CBN Regulatory Sandbox Portal at https://sandbox.cbn.gov.ng before the application window closes. The bank restated its commitment to building a financial system that is innovative, strong, and accessible to all Nigerians, while ensuring safety and integrity across the sector.
