CBN Invites Applications for Regulatory Sandbox Operation

Bukola Olanrewaju December 13, 2022 BUSINESS, Banking and Finance Leave a comment

Central Bank of Nigeria (CBN) yesterday, invited financial sector institutions to submit applications for participation in its Regulatory Sandbox.

According to a statement signed by the CBN’s Director, Payments System Management Department, Musa Jimoh, the objective and scope of the Sandbox is to identify and encourage innovative solutions to improve service quality, enhance customer experience in the delivery of payment and financial services in Nigeria.

It stated: “The Sandbox will identify and encourage innovative solutions that will enhance the design and delivery of payment and financial services in Nigeria.

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“The overarching objective is to improve service quality, enhance customer experience, and foster financial inclusion, amongst others.

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“The Sandbox is suitable for financial products, services and solutions that are innovative.”

On eligibility, the CBN said: “All entities (e.g. digital lenders, application developers, start-ups, financial technology providers, etc.) with innovative financial solutions are eligible to apply to the Sandbox. Applications are also welcome from existing CBN licensed institutions”.