CBN Releases Circular on the Issuance of the Framework for the Regulatory Sandbox Operations

Tuesday, January 19, 2021 07:39 AM / by CBN/ Header Image Credit:  EcoGraphics

The Central Bank of Nigeria (CBN) is committed to building a financial services sector that promotes stability, fosters innovation and deepen financial inclusion. In this regard, the CBN has implemented several reform initiatives towards the achievement of these objectives.

Related Link: CBN Issues Framework for Regulatory Sandbox

In continuation of these efforts, the CBN hereby issues the framework for Regulatory Sandbox Operations in Nigeria. The framework details the requirements for conduct of live tests on innovative products, services and other solutions in a controlled environment. To this end, the CBN shall review the products and solutions of applicants (Licensed institutions, Fintechs, Innovators and Researchers) during its implementation.

All stakeholders in the Regulatory Sandbox are required to ensure strict compliance with the requirements of the framework and all other payments system regulations, as the CBN continues to monitor developments and issue guidance as may be appropriate.

Related News

1. CBN Issues Framework for Regulatory Sandbox
2. CBN Issues Framework for Quick Response Code Payments in Nigeria
3. CBN Issues Framework for Regulatory Sandbox
4. CBN Revokes Operating Licenses of Seven Payment Services Providers and a Switch Licence Holder
5. CBN Publishes Draft Guidelines for the Operation of NIFI's Instruments
6. CBN Releases Draft Framework for The Operationalisation of Its Non-Interest Asset Backed Securities
7. CBN Frowns At Operators Paying Remittances in Local Currency
8. CBN Approves New Licence Categorisations for The Nigerian Payments System
9. CBN Provides Clarifications on the Operations of Export Proceeds and Ordinary Domiciliary Accounts
10. CBN Clarifies That 'Form M' May Be Processed for Purchases Made Through Third-Party Agents