The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, offering fintech companies, Virtual Asset Service Providers (VASPs), financial institutions, technology firms and other eligible innovators an opportunity to test new financial products and technologies under regulatory supervision.
Applications for Cohort 2 opened on August 12, 2026, and will close on August 31, 2026.
The programme provides innovators with a controlled environment to test financial products, services, business models and enabling technologies while engaging directly with the CBN.
For the second cohort, the apex bank has introduced two dedicated testing tracks aimed at supporting emerging technologies and business models capable of strengthening Nigeria’s financial system.
The first, the Virtual Asset Service Provider (VASP) Track, targets innovations involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure requiring supervised live testing.
The second, the Data-Enabled Financial Services (Non-VASP) Track, focuses on innovations built around secure digital infrastructure and permission-based data sharing.
According to the CBN, solutions tested under the second track could help improve financial inclusion, payments, credit access, risk management, operational efficiency and consumer outcomes.
Eligible applicants include innovators, financial institutions, VASPs, fintech companies and technology firms whose proposed solutions fall within the scope of the programme.
Applications will be evaluated based on the level of innovation, readiness for controlled live testing, potential benefits to consumers and the broader market, governance arrangements, risk management capacity and the suitability of the proposed testing plan.
Successful applicants will conduct supervised testing based on parameters agreed with the CBN, with safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.
The apex bank clarified that participation in the Regulatory Sandbox does not constitute a licence, authorisation or approval to operate outside the parameters approved for testing.
Rather, the programme is designed to give innovators room to experiment responsibly while helping regulators understand emerging technologies and assess their potential risks and benefits.
The CBN said insights generated from the testing process would contribute to the development of regulatory and supervisory frameworks for Nigeria’s rapidly evolving digital financial ecosystem.
For fintechs, VASPs and other technology companies, the programme provides an opportunity to validate their solutions in a controlled environment, receive regulatory feedback and gain a clearer understanding of the requirements for operating within Nigeria’s financial system.
Interested organisations are required to submit their applications through the CBN Regulatory Sandbox Portal before the August 31, 2026 deadline.
The CBN said the launch of the second cohort underscores its commitment to promoting financial innovation through a transparent, proportionate and risk-based regulatory environment while safeguarding monetary and financial stability.
