Regulatory Alerts2021-01-13 | PSM/DIR/CON/INM/08/117Issuance of the Framework for Regulatory Sandbox Operations
The Central Bank of Nigeria (CBN) has implemented a Regulatory Sandbox Framework to facilitate live testing of innovative products, services, and business models in a controlled environment. The framework aims to promote financial inclusion, reduce time-to-market for innovations, enhance competition, and ensure consumer protection. The Sandbox is open to existing CBN licensees and local companies intending to test innovative payment products or services. The CBN will evaluate and monitor participants' operations, systems, and consumer safeguards, with a focus on maintaining financial stability and consumer protection. Participants are responsible for supervising their activities and staff, maintaining records, and implementing risk mitigation solutions. The Sandbox encourages collaboration and the sharing of ideas while protecting intellectual property rights.