*The Central Bank of Nigeria explains the aim of the Scope of the Sandbox is to identify and encourage innovative solutions that will enhance the design, delivery of payments and financial services to consumers in the country

Isola Moses | 绿帽献妻

In a move to engage innovators in new and flexible ways in the country’s financial system, the Central Bank of Nigeria (CBN) has invited participants in the ecosystem to submit expressions of interest to participate in its Regulatory Sandbox.

The Bankers’ Bank, in a statement signed by the Director, Payments System Management Department of the CBN, said that the decision was to engage innovators in new and flexible ways in line with the provisions of the Framework for Regulatory Sandbox Operations in the country.

The CBN also explained the aim of the Scope of the Sandbox is to identify and encourage innovative solutions that will enhance the design and delivery of payment and financial services in Nigeria.

The Bank further noted that the move is aimed at improving service quality, enhancing customer experience and fostering financial inclusion among others.

The CBN stated those eligible for the Sandbox, which is suitable for financial products, services and solutions that are innovative, are digital lenders, application developers, start-ups, financial technology providers, and others. Applications are also welcome from existing CBN licensed institutions.

The application form can be accessed via https://sandbox.cbn.gov.ng/

The Bank requests all applicants to complete the electronic application form and ensure that all fields are duly completed on or before February 1, 2023.

It said: “It is pertinent to note that incomplete submissions shall not be considered and applicants who provide false or misleading information in the application process may result in the refusal of the application, subsequent cancellation of registration process and/or further regulatory actions.

“All applications successfully submitted would be acknowledged. Applicants would be informed of approval or non-approval to participate in the sandbox within 60 working days after the closing date indicated in this publication.”

The Bank as well noted that “a Letter of Approval (LoA) shall be issued to selected applications.

“This certifies participants to test their innovation upon admission into the Sandbox.”

The Bank advised that application review timelines depend on the complexity of proposed product/solution as well as timely receipt of supporting documentation.

The CBN, however, cautioned that by submitting an application for admission into the Sandbox is consent that the CBN may use or exclude any data/content submitted by applicants for its internal evaluation.

“All data provided to the CBN in connection with the Regulatory Sandbox shall be collected, used, stored, and transmitted in accordance with CBN鈥檚 Privacy Policy located at https://cbn.gov.ng,” added the Bank.