Central Bank of Nigeria (CBN) Regulatory Sandbox – Cohort 2 – YOA

Deadline: Unspecified

Applications are open for the Central Bank of Nigeria (CBN) Regulatory Sandbox – Cohort 2. The Regulatory Sandbox helps the protected introduction of modern monetary options by permitting contributors to conduct dwell checks beneath CBN oversight, consistent with the Bank’s targets to reinforce innovation, promote monetary inclusion, and strengthen shopper safety.

Cohort 2 consists of the VASP Track (Virtual Asset Service Providers) and the Non-VASP Track (knowledge-enabled monetary providers and different non-digital-asset improvements):

• VASP Track – Virtual Asset & Stablecoin Financial Services: Supports digital property which might be fiat backed or have a cost, settlement, or retailer of worth operate. The services or products should assist accountable innovation aligned to the Bank’s mandate of financial sovereignty and monetary system stability.
• Non-VASP Track – Data-Enabled Financial Services: Focused on improvements that leverage safe, permission-based mostly knowledge sharing and digital infrastructure to enhance entry, effectivity, threat administration, and shopper outcomes inside Nigeria’s monetary system. Emphasis is positioned on options that advance monetary inclusion, allow various knowledge-pushed credit score evaluation, cut back onboarding, transaction, or compliance prices, and enhance belief, transparency, and shopper management over monetary knowledge.

Benefits

For Innovators

• Regulatory engagement from the outset
• Access to a supervised testing surroundings
• Reduced uncertainty and regulatory threat
• Improved product credibility and belief
• Enhanced readiness for commercialisation
• Better understanding of compliance obligations
• OPPORTUNITY to exhibit innovation at scale

For the Ecosystem

• Increased monetary inclusion
• Safer adoption of rising applied sciences
• Evidence-based coverage growth
• Improved market integrity
• Enhanced shopper confidence
• More resilient monetary infrastructure

Eligibility

Open to:

• CBN-licensed establishments creating modern monetary or funds-associated options;
• Institutions licensed by different monetary providers regulators inside Nigeria, the place the proposed innovation intersects with funds, digital monetary providers, monetary knowledge utilization, or different areas inside the sandbox scope;
• Institutions licensed by recognised monetary providers regulators exterior Nigeria, the place the innovation is adaptable to the Nigerian market and may fulfill relevant sandbox entry necessities;
• Virtual Asset Service Providers (VASPs), together with entities working in stablecoin issuance, digital asset funds, change providers, custody, and associated infrastructure;
• Startups and know-how firms with out present monetary licences, supplied the proposed answer is modern and sufficiently developed for managed dwell testing.

All candidates should exhibit:

• The answer is prepared for dwell testing in a managed surroundings
• Inherent dangers have been assessed and mitigated in accordance with sandbox pointers
• Effective AML/CFT/CPF controls
• Appropriate shopper safeguards
• The technical capability to adjust to reporting and incident-notification necessities through the sandbox interval

Application

Complete the net application kind and add all required documentation, together with company approvals, governance data, product particulars, and any necessary annexures.

Click here to apply

For extra data, go to CBN Regulatory Sandbox.