The Central Bank of Nigeria (CBN) has expressed its readiness to review the products and solutions being launched by licensed financial institutions.
This was contained in a statement issued by Musa Jimoh, the director of the payments system management department, and Kevin Amugo, director of the financial policy and regulation department.
The statement read: “The Central Bank of Nigeria is committed to building a financial services sector that promotes stability, fosters innovation, and deepen 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 the regulatory sandbox operations in Nigeria.
“The framework details the requirements for the 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, fintech, innovators, and researchers) during its implementation.”
A draft of the regulatory framework for sandbox operations that had previously been released said operations will “enable the bank to stay abreast of innovations while promoting a safe, reliable and efficient payments system to foster innovation without compromising on the delivery of its mandate”.
The central bank noted that the framework is aimed at increasing competition, widen consumers’ choice, lower costs and provide an avenue for regulatory engagement with fintech firms in the payment space while contributing to economic growth.