CBN Regulatory Sandbox Cohort 2: A 2026 Opportunity for Financial Innovation

Central Bank of Nigeria (CBN) Regulatory Sandbox Cohort 2: Financial Innovation Opportunity 2026

The Central Bank of Nigeria (CBN) is inviting innovators to apply for its Regulatory Sandbox, Cohort 2. This programme supports the safe testing of new financial solutions, aiming to boost innovation, financial inclusion, and consumer protection in Nigeria. The opportunity is open to various entities, including licensed institutions, startups, and Virtual Asset Service Providers (VASPs).

Application Closing Date: Unspecified
Location: Nigeria
Programme Duration: Not specified
Stipend: Not specified
Minimum Qualification: Varies by track, but includes readiness for live testing and risk mitigation.
Opportunity Type: Regulatory Sandbox Programme

About the CBN Regulatory Sandbox Cohort 2

The CBN Regulatory Sandbox programme is designed to allow participants to test innovative financial products and services in a controlled environment under the oversight of the Central Bank of Nigeria. This initiative aligns with the bank’s goals to foster innovation, increase financial inclusion, and strengthen consumer protection within the Nigerian financial sector. The programme aims to reduce regulatory uncertainty for innovators and provide valuable data for policy development.

This second cohort includes two tracks: the VASP Track for Virtual Asset Service Providers and the Non-VASP Track for data-enabled financial services and other non-virtual-asset innovations. The VASP track focuses on digital assets with payment or store of value functions, while the Non-VASP track encourages solutions that use secure data sharing to improve financial services access, efficiency, and risk management.

About the Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) is the apex regulatory body of the Nigerian financial system. Established in 1958, its primary mandate is to manage the country’s monetary policy, issue legal tender currency, maintain external reserves, and promote a stable financial system. The CBN plays a critical role in fostering economic growth and development by ensuring price stability and supporting the smooth functioning of the economy.

Available Opportunities

The CBN Regulatory Sandbox – Cohort 2 offers participation in two distinct tracks:

• VASP Track: This track is for Virtual Asset Service Providers, focusing on financial services related to virtual assets and stablecoins. It supports digital assets that are fiat-backed or have payment, settlement, or store of value functions.
• Non-VASP Track: This track is for innovations that leverage secure, permission-based data sharing and digital infrastructure. It focuses on improving access, efficiency, risk management, and consumer outcomes within Nigeria’s financial system.

What the Programme Offers

Participants in the CBN Regulatory Sandbox benefit from several advantages:

• Regulatory Engagement: Direct interaction with regulators from the start of the testing phase.
• Supervised Testing Environment: A controlled live testing environment to assess product viability.
• Reduced Risk: Lowered uncertainty and regulatory risk for innovative solutions.
• Enhanced Credibility: Improved product credibility and trust among users and stakeholders.
• Commercialisation Support: Increased readiness for commercial launch and market adoption.
• Compliance Understanding: A clearer understanding of regulatory compliance obligations.
• Scalability Opportunity: A chance to demonstrate innovation at a larger scale.
• Ecosystem Benefits: Contribution to increased financial inclusion, safer technology adoption, and evidence-based policy making.

Programme Duration and Location

The specific duration for participation in the CBN Regulatory Sandbox Cohort 2 is not specified. The programme is based in Nigeria, with testing conducted under the oversight of the Central Bank of Nigeria.

Minimum Requirements

Eligibility for the CBN Regulatory Sandbox Cohort 2 is broad, including:

• CBN-licensed institutions developing innovative financial or payments-related solutions.
• Institutions licensed by other Nigerian financial services regulators, where the innovation intersects with payments, digital financial services, or financial data usage.
• Institutions licensed by recognised financial regulators outside Nigeria, if the innovation is adaptable to the Nigerian market.
• Virtual Asset Service Providers (VASPs) involved in stablecoin issuance, virtual asset payments, exchange services, custody, and related infrastructure.
• Startups and technology companies without existing financial licenses, provided their solution is innovative and ready for controlled live testing.

All applicants must also demonstrate:

• Readiness for live testing in a controlled environment.
• Assessment and mitigation of inherent risks according to sandbox guidelines.
• Effective Anti-Money Laundering/Combating the Financing of Terrorism/Combating the Proliferation of Financing of Weapons of Mass Destruction (AML/CFT/CPF) controls.
• Appropriate consumer safeguards.
• Technical ability to comply with reporting and incident-notification requirements.

Competencies Required

Successful applicants should possess or demonstrate the following:

• Innovation: A clear and novel financial solution.
• Risk Management: Ability to assess and mitigate inherent risks.
• Compliance: Commitment to adhering to regulatory guidelines, including AML/CFT/CPF.
• Technical Capability: Ability to manage reporting and incident notifications.
• Scalability Potential: The solution should have the potential for growth and wider adoption.
• Consumer Focus: A commitment to protecting consumer interests.

Who Should Apply?

This opportunity is ideal for entities that are developing innovative financial or payments-related solutions and are seeking a regulated environment to test their products. It is suitable for established financial institutions, fintech startups, and Virtual Asset Service Providers looking to validate their offerings, understand regulatory requirements, and prepare for commercial launch in the Nigerian market. If you have a product ready for controlled live testing and are committed to responsible innovation, this sandbox is for you.

Required Documents

Applicants are required to prepare and upload documentation, which may include:

• Corporate approvals and governance information.
• Detailed product or service descriptions.
• Risk assessment and mitigation plans.
• Information on AML/CFT/CPF controls.
• Details of consumer safeguard measures.
• Any mandatory annexures as specified by the CBN.

Applicants should check the official application portal for a complete list of required documents.

How to Apply

Interested entities can apply by completing the online application form. Ensure all required documentation is prepared and uploaded accurately.

Click here to apply

For more information, visit the official CBN Regulatory Sandbox website.

Important Notes

• Only applications that meet all requirements and submit complete documentation will be considered.
• The sandbox is a testing environment; successful participation does not guarantee commercial success.
• Applicants must be prepared for rigorous oversight and reporting during the testing period.
• The Central Bank of Nigeria reserves the right to accept or reject any application.

Closing Date

The closing date for applications for the CBN Regulatory Sandbox Cohort 2 was not specified. Applicants are encouraged to submit their applications as soon as possible.

SHARE THIS POST WITH OTHERS.