Tea Central Bank of Nigeria (CBN) invites financial system operators to submit expressions of interest to participate in the bank’s Regulatory Sandbox,
Naijaonpoint understands that this is to further the core bank’s quest to engage innovators in new and flexible ways.
A CBN statement said the goal and scope of the Sandbox include: identifying and encouraging innovative solutions that will improve the design and delivery of payment and financial services in Nigeria.
The general objective is to improve the quality of the service, improve the customer experience and promote financial inclusion, among others. The Sandbox is suitable for innovative financial products, services and solutions.
Please note that regulatory sandboxing refers to live testing of new products or services in a controlled regulatory environment. It acts as a “safe space” for business, as regulators may or may not allow certain relaxations for the limited purpose of testing.
Eligibility criteria: All entities (eg, digital lenders, app developers, start-ups, fintech providers, etc.) with innovative financial solutions are eligible to apply to the Sandbox. Applications are also welcome from existing CBN licensed institutions.
Registration and presentation: The application form can be accessed here. Applicants must complete the electronic application form and ensure that all fields are duly completed. Please note that incomplete submissions will not be considered.
Applicants are reminded that providing false or misleading information in the application process may result in application denial, subsequent cancellation of the registration process, and/or other regulatory actions.
Acknowledgment of requests: All successfully submitted applications will be acknowledged. Applicants will be informed of their approval or disapproval to participate in the sandbox within 60 business days of the closing date indicated in this post.
Letter of Approval (LoA): A Letter of Approval (LoA) will be issued for approved applications. This certifies the participants to test their innovation by entering the Sandbox. Please note that application review timelines depend on the complexity of the proposed product/solution, as well as the timely receipt of supporting documentation.
Data usage by CBN: Interested participants should note that by applying for admission to the Sandbox, you agree that CBN may use or exclude any data/content submitted by you for internal evaluation.
Closing the application: Applications must be submitted on or before February 1, 2023.
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