The Regulatory Sandbox is a formal process for firms to conduct live tests of new, innovative products, services, delivery channels, or business models in a controlled environment, with regulatory oversight.
This platform provides all the necessary information to support and facilitate innovation within the Nigerian Financial Space.
Who can apply?
The Sandbox application process is open to:
- Both existing CBN licensees (financial institutions with FinTech initiatives)
- Local companies
- Individuals but such individual must have a sponsor licensed financial institution
The applicant should submit an application form along with all complete information and relevant details. Prior to submitting an application, the applicant can seek clarification regarding the sandbox by writing a mail to [email protected]
Eligibility Criteria
1 – The product, service or solution is innovative with clear potential(s) to:
Improve accessibility, customer choices, efficiency, security and quality in the provision of financial services; or Enhance the efficiency and effectiveness of Nigerian Financial Institutions management of risks; or Address gaps in or open up new opportunities for financial benefits or investments in the Nigerian economy.
2 – Ensure that applicants will provide the proposed project within a limited transaction (value and volume) for better risk management and mitigation. The limits shall not be exceeded during the testing period.
3 – The applicant has conducted an adequate and appropriate assessment to demonstrate the usefulness and functionality of the product, service or solution and identified the associated risks which should be devoid of adverse effect to existing structures and consumer experience;
4 – The applicant has the necessary resources to support testing in the sandbox. This includes the required resources and expertise to mitigate and control potential risks and losses arising from offering of the product, service or solution;
5 – The applicant should have a business plan to show that the product, service or solution can be successfully deployed after exit from the sandbox;
Application Deadline – February 1, 2023
