The Central Bank of Nigeria (CBN) is calling financial system participants to submit expressions of interest to take part in the bank’s regulatory sandbox this is a step toward the apex bank’s goal of collaborating with innovators in novel and adaptable ways.
According to a statement from the CBN, Sandbox’s goals and focus include finding and supporting creative solutions that will improve the development and provision of payment and financial services in Nigeria.
Raising client satisfaction, promoting financial inclusion, and enhancing service quality are the major objectives. Sandbox is a good place for innovative financial services, products, and solutions.
Keep in mind that a regulatory sandbox is a controlled regulatory environment where new products or services are tested in real-time. As the authorities may or may not allow certain relaxations for the specific purpose of testing, it serves as a “safe space” for business.
Eligibility: All organizations with creative financial solutions are welcome to submit applications to the Sandbox, including digital lenders, application developers, start-ups, financial technology suppliers, etc. Applications from institutions that already have a CBN license are also invited.
How to register: The application form can be accessed here.
The electronic application form must be filled out completely by applicants, carefully filling out all relevant fields. Please be aware that entries that are not complete will not be accepted.
Application refusal, cancellation of the registration process that follows, and/or additional regulatory measures are all possible outcomes of submitting false or misleading information during the application process, applicants are reminded.
All applications that were submitted successfully would be recognized. After the closing date mentioned in this publication, applicants will be notified of their acceptance or rejection to take part in the sandbox within 60 working days.
Letter of approval (LoA): Each approved application will receive a Letter of Approval (LoA). In order to be admitted to the Sandbox, participants must have this certification. Please be aware that the length of time it takes to assess your application will depend on the intricacy of the suggested product or solution and the promptness with which you submit your supporting materials.
Participants who are interested should be aware that by applying for admission to the Sandbox, they consent to the CBN using or excluding any data or content they submit for internal review.
In addition, all information sent to the CBN in connection with the Regulatory Sandbox must be gathered, processed, stored, and communicated in line with the CBN’s Privacy Policy.
Application Deadline: Applications are to be submitted on or before February 1, 2023.
