By Oluwakemi Kindness
The Central Bank of Nigeria (CBN) has introduced dedicated regulatory tracks for virtual assets and data-enabled financial services under the second cohort of its Regulatory Sandbox Programme.
The programme, which opens for applications on Wednesday, August 12, will run until August 31, 2026.
The CBN said in a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, says the second cohort would operate under two tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.
The VASP Track will cover innovations involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure that require supervised live testing.
The Data-Enabled Financial Services Track, which excludes VASPs, will focus on innovations using secure digital infrastructure and permission-based data sharing.
According to the CBN, the track is designed to support developments in financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.
The bank said its Regulatory Sandbox provides a controlled environment for eligible participants to test innovative financial products, services, business models and enabling technologies under its supervision.
It added that the programme allows innovators and regulators to engage during testing, supports regulatory learning and promotes responsible innovation that benefits consumers and the wider financial system.
The CBN said the introduction of the two tracks reflects its commitment to a transparent, proportionate and risk-based regulatory environment that supports innovation while protecting monetary and financial stability.
It noted that lessons from supervised testing would improve its understanding of emerging technologies and contribute to the development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.
The Director of the CBN’s Payments System Policy Department, Musa Jimoh, said financial innovation was transforming how individuals and businesses access and use financial services.
Jimoh said the sandbox, powered by technology in partnership with EMTECH, would enable innovators and regulators to test promising solutions in a structured environment while maintaining safeguards for consumers and the financial system.
He said the dedicated tracks for VASPs and data-enabled financial services reflected the changing nature of financial innovation and the CBN’s commitment to responsible and transparent regulation.
The CBN said applications would be assessed based on the level of innovation, readiness for controlled live testing, potential consumer or market benefits, governance arrangements, risk-management capability and the suitability of proposed testing plans.
Successful participants will conduct supervised testing within parameters agreed with the CBN.
The bank said the testing would include safeguards for consumer protection, operational resilience, cybersecurity and regulatory reporting.
However, the CBN stressed that participation in the Regulatory Sandbox does not constitute a licence, authorisation or approval to operate outside the approved testing parameters.
The bank said the programme is intended to facilitate responsible experimentation, strengthen regulatory engagement and support evidence-based policy development in line with its statutory mandate.
