2020-06-26 | PSM/PLD/GEN/INM/01/092

Exposure Draft of Regulatory Framework for Sandbox Operation

The Central Bank of Nigeria (CBN) has released an exposure draft of the Regulatory Framework for Sandbox Operations, inviting comments from stakeholders. The framework outlines the requirements for live testing of innovative products, services, and solutions in a controlled environment, with the aim of fostering innovation, improving financial inclusion, and enhancing the efficiency of the Nigerian payments system. The CBN will evaluate and approve applications, monitor participants' operations, and ensure compliance with consumer protection safeguards. The framework also defines the responsibilities of participants, including monitoring and supervising their operations and staff, and maintaining records during the testing period.

Nigeria

Central Bank of Nigeria

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