The Central Bank of Nigeria, CBN, has issued the framework for Regulatory Sandbox Operations in Nigeria.
This is in an attempt to promote stability, foster innovation and deepen financial inclusion.
This was contained in a Circular To All Deposit Money Banks, Mobile Money Operators And Payment Service Providers, titled ‘ISSUANCE OF THE FRAMEWORK FOR REGULATOR SANDBOX OPERATIONS’.
According to the circular, ‘The framework details the requirements for the conduct of live tests on innovative products, services and other solutions in a controlled envronment.”
Therefore, “CBN shall review the Products and solutions of applicants (Licensed institutions, Fintechs, Innovators and Researchers) during its implementation”.
However, all stakeholders in the Regulatory Sandbox are required to ensure stnct compliance with the requirements of the framework and all other payments system regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.
