The Central Bank of Nigeria (CBN) has opened applications for the second cohort of its Regulatory Sandbox Programme, introducing dedicated tracks for virtual asset service providers and data-enabled financial services.

Applications for the programme will open on Wednesday, August 12, 2026, and close on August 31, 2026, as the apex bank seeks to strengthen responsible innovation while maintaining the stability and integrity of the financial system.

In a statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi Ali, the CBN said the second cohort would operate under two tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.

The VASP Track is designed to support innovative solutions involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure that require supervised live testing.

The Data-Enabled Financial Services Track, which excludes VASPs, will focus on innovations leveraging secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.

The CBN said its Regulatory Sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under the bank’s supervision.

According to the apex bank, the initiative allows innovators and regulators to engage during testing, promotes regulatory learning and encourages the development of solutions that can benefit consumers and the broader financial system.

The launch of the second cohort, it said, underscores its commitment to a transparent, proportionate and risk-based regulatory framework that supports innovation without compromising monetary and financial stability.

The bank added that lessons from supervised testing would improve its understanding of emerging technologies and contribute to the development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.

Commenting on the programme, the Director of the Payments System Policy Department, CBN, Mr Musa Jimoh, said financial innovation was rapidly transforming how individuals and businesses access and use financial services.

Jimoh said the CBN Regulatory Sandbox, powered by technology in partnership with EMTECH, provides a structured platform for innovators and regulators to test promising solutions while maintaining safeguards for consumers and the financial system.

He said the introduction of dedicated VASP and data-enabled financial services tracks reflected the changing nature of financial innovation and the CBN’s determination to promote responsible and transparent innovation aligned with the long-term development of the financial system.

The CBN said applications would be evaluated based on factors including the level of innovation, readiness for controlled live testing, potential consumer and market benefits, governance arrangements, risk management capacity and the suitability of proposed testing plans.

Successful applicants will conduct supervised testing within parameters agreed with the CBN, with safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.

The apex bank, however, stressed that participation in the Sandbox does not constitute a licence, authorisation or approval to operate outside the approved testing parameters.

It urged eligible organisations to submit their applications through the CBN Regulatory Sandbox Portal before the August 31 deadline.

The CBN said the programme would support responsible experimentation, deepen regulatory engagement and promote evidence-based policymaking as it works to build an innovative, resilient and inclusive financial ecosystem while preserving the safety and soundness of Nigeria’s financial system.