Nigeria Central Bank Opens Second Regulatory Sandbox for Fintechs

The Central Bank of Nigeria has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing dedicated tracks for virtual asset service providers and other fintech innovations. The application window opened on August 12, 2026, and will close on August 31, 2026.

The initiative provides a controlled environment for eligible innovators, financial institutions, and technology firms to test new financial products and services under the central bank's supervision. The second cohort features two specific testing tracks: one for Virtual Asset Service Providers (VASPs) and another for Data-Enabled Financial Services (Non-VASP).

The VASP track is designed to support innovative solutions involving virtual assets, stablecoins, payment and settlement services, custody, wallets, and related financial infrastructure that require supervised live testing. The Non-VASP track supports innovations that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, and operational efficiency.

According to the central bank, the programme enables constructive engagement between regulators and...