‎The Central Bank of Nigeria (CBN) has announced the opening of applications for the second cohort of its Regulatory Sandbox Programme, introducing two dedicated tracks to support responsible innovation in virtual assets and data-enabled financial services.

‎According to a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi Ali, applications will open on August 12, 2026, and close on August 31, 2026. The programme will operate under the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.

The VASP Track will support innovative solutions in 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 to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.

The CBN said the Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under its supervision. It added that the programme would enable innovators and regulators to engage during testing, promote regulatory learning and encourage responsible innovation that benefits consumers and the wider financial system.

The launch of the second cohort, the bank said, reflects its commitment to a transparent, proportionate and risk-based regulatory environment that supports innovation while safeguarding monetary and financial stability. It added that insights from supervised testing would deepen its understanding of emerging technologies and inform 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, provides a structured and collaborative environment for testing promising solutions while maintaining appropriate safeguards for consumers and the financial system.

He said the introduction of dedicated tracks for VASPs and data-enabled financial services reflects the changing nature of financial innovation and the CBN’s commitment to a regulatory environment that supports responsible and transparent innovation aligned with the long-term development of Nigeria’s financial system.

‎The CBN urged eligible organisations to apply through its Regulatory Sandbox Portal, noting that applications would be assessed based on innovation, readiness for controlled live testing, potential consumer or market benefits, governance, risk management and the suitability of proposed testing plans.

Successful participants will conduct supervised testing within parameters agreed with the CBN, including safeguards for consumer protection, operational resilience, cybersecurity and regulatory reporting. The bank stressed that participation does not constitute a licence or authorisation to operate outside approved testing parameters.