Regulatory Alerts2021-01-18 | FPR/PRD/INT/PAR/01/043Circular on Issuance of the Framework for Regulatory Sandbox Operations
The Central Bank of Nigeria (CBN) is dedicated to fostering innovation and financial inclusion in the country's financial services sector. To that end, they have released a framework for Regulatory Sandbox Operations, outlining the process for testing innovative products and services in a controlled environment. All stakeholders must adhere to the framework's requirements and payments system regulations, with the CBN monitoring developments and providing guidance as needed.
PAYMENTS SYSTEM MANAGEMENT DEPARTMENT Tel: 09 462 38300, 09 462 38346 e-mail: psmd@cbn.gov.ng website: www.cbn.gov.ng CENTRAL BANK OF NIGERIA Central Business District, Cadastral Zone AO P.M.B. 0187, Garki Abuja.
PSM/DIR/CON/CWO/16/106 January 12, 2021 ALL DEPOSIT MONEY BANKS, MOBILE CIRCULAR TO MONEY OPERATORS AND PAYMENT SERVICE PROVIDERS ISSUANCE OF THE FRAMEWORK FOR REGULATORY SANDBOX OPERATIONS 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.
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.
Musa I. Jim Director, Payments System Management Department
Kevin Amugo Director, Financial Policy Regulation Department