Frequently Asked Questions
How do I register interest/apply?
You can apply using the form on the sandbox application page www.sandbox.cbn.gov.ng/apply
What is a regulatory
A Regulatory Sandbox is a formal process for firms to conduct live tests of new, innovative products, services, delivery channels, or business models in a controlled environment, with regulatory oversight, subject to appropriate conditions and safeguards
Who can apply?
The Sandbox application process is open to both existing CBN licensees (financial institutions with FinTech initiatives) and other local companies. The applicant should submit an application form along with all complete information and relevant details. Prior to submitting an application, the applicant can seek clarification regarding the sandbox by writing a mail to Sandbox@cbn.gov.ng
What is a Cohort?
A group of participants admitted into the sandbox at a given time.
What areas of interests are
acceptable into the sandbox?
Innovative financial service/products deemed acceptable by the CBN and tests proposing non-regulated financial products and services using emerging technologies, i.e., Innovators whose proposed solution involves technologies which are currently not covered under existing CBN regulations. Tests are limited to payment products and services
What are the eligibility
criteria for acceptance into
the regulatory sandbox?
The Framework provides guidance to the applicant on the application process and the evaluation/eligibility criteria however, the advertisement will specify the criteria for each cohort.
What are the application
An advertisement would be published by the Bank to invite applications from interested participants. The details of the advert would include the minimum eligibility criteria to shortlist applicants who qualify to participate in the sandbox.
Do I need to pay to apply and
No. There are no administrative charges/fees.
Do I need to upload any
documents? / What
are expected of applicants?
All application trials into the Sandbox shall be accompanied with the following:
i. Board Approval (where applicable)
ii. Certificate of Incorporation
iii. The company profile and functional contact: e-mails, telephone numbers, office and postal addresses
iv. Memorandum of Association Shareholding structure of the Company
v. Forms CAC 1.1 (Application for Registration)
vi. CVs of Board and Management of the Company
vii. Organogram of the Company
viii. Project plan alongside a detailed business proposal
ix. Key outcomes that the testing is intended to achieve
x. A document that shall outline the strategy of the sandbox trials including current and potential engagements, geographical spread and benefits to be derived
xi. AML/CFT Policy
xii. Evidence of patent certificates or registration of patent rights, where applicable
xiii. All firms shall supply any other information that the CBN may require from time to time.
Can I apply as an individual?
Yes, it is however advisable that such individual has a sponsor licensed financial institution
Does being in the sandbox
guarantee a licence?
No. However, on successful exit from the regulatory sandbox the CBN will provide the appropriate regulatory support on a case-by-case basis.
Will the CBN provide a hosted
environment to conduct your
No, we will not be hosting environments as part of the Sandbox. You will be responsible for providing your own IT infrastructure.
Will the CBN be providing
financial support as part of
We are unable to provide any financial support if you wish to apply to the Sandbox.
- Where should an application be submitted to? Is there a specific period that the sandbox is open for application?
Can changes be made to the
participant’s application after
submission to the CBN
Whilst the CBN appreciates that the process of innovation is often dynamic, the applicant should inform the CBN Sandbox Team of its decision to adjust their application. The CBN Sandbox Team will work closely with the applicant to review the change requests and inform the applicant of its decision.
How long will it take to
complete the evaluation of a
The CBN commits to communicate a decision to the sandbox applicants within 60 working days after the closure of the application window.
What are the benefits of
participating in the
The CBN wants to promote competition by supporting innovation that will particularly benefit the excluded and underserved customers and improve financial inclusion. The potential benefits of a regulatory sandbox could be significant in reducing time-to-market at potentially lower cost.
Why is the Central Bank of
Nigeria introducing a
By allowing firms to test their products and services within the controlled live environment of a regulatory sandbox, the CBN is able to ensure appropriate protection safeguards are built into new products and services.
Who is a Sponsor?
A person or entity who provides support such as funds, resources, operational facilities etc. to an innovator.