Nigerian fintech and crypto startups can now apply to participate in the Central Bank of Nigeria’s (CBN) Regulatory Sandbox Programme, following the launch of the programme’s second cohort aimed at testing innovative financial products and digital asset solutions under regulatory supervision.
The CBN disclosed this in a statement issued on Wednesday, August 12, 2026, announcing the commencement of Cohort 2 of the Regulatory Sandbox Programme and inviting eligible innovators, financial institutions, Virtual Asset Service Providers (VASPs), fintech companies, and technology companies to submit applications.
The sandbox programme provides a controlled environment where companies can test new financial products, services, business models, and enabling technologies under the supervision of the CBN.
The initiative is designed to encourage responsible innovation while helping regulators better understand emerging technologies and their potential impact on Nigeria’s financial system.
Cohort 2 targets crypto, stablecoin, and data-driven financial innovation
The second cohort introduces two dedicated testing tracks, with one specifically focused on crypto and virtual asset infrastructure, and the other targeting data-enabled financial services that can expand access to financial products.
According to the CBN, the VASP Track is designed to support “innovative virtual asset, stablecoin, payment, settlement, custody, wallet, and related financial infrastructure solutions that require supervised live testing.”
The Data-Enabled Financial Services (Non-VASP) Track will support innovations that use secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit access, risk management, operational efficiency, and consumer outcomes.
The central bank said the new structure reflects its commitment to responsible innovation while maintaining consumer protection, financial stability, and market integrity.
How startups can apply and who is eligible
Applications for Cohort 2 opened on August 12, 2026, and will close on August 31, 2026. Interested companies can apply through the CBN Regulatory Sandbox Portal at sandbox.cbn.gov.ng.
The CBN said eligible organisations whose proposed innovations fall within the programme’s scope are encouraged to apply. Applications will be evaluated based on the level of innovation, readiness for controlled live testing, potential consumer or market benefit, governance arrangements, risk management capability, and the quality of the proposed testing plan.
Successful applicants will conduct supervised live testing within clearly defined parameters agreed with the CBN, including safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.
Importantly, the central bank stressed that participation in the sandbox is not a licence to operate commercially.
“Participation in the Regulatory Sandbox does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters,” the CBN said, adding that the programme is intended to support responsible experimentation, stronger regulatory engagement, and evidence-based policy development.
A broader push to modernise crypto regulation in Nigeria
The launch of the sandbox’s second cohort comes amid a broader and increasingly coordinated effort by Nigerian regulators to modernise oversight of the country’s fast-growing digital asset ecosystem.
In July, the Securities and Exchange Commission (SEC) admitted seven cryptocurrency and digital asset firms into its regulatory incubation programme, allowing them to test and operate selected services under regulatory supervision. The companies included Bitbarter Technologies, Luno Fintech Nigeria, GetEquity, Koinkoin Global Network, Wrapped CBDC, Trovotech, and Blockvault Custodian.
That move was followed by President Bola Tinubu’s executive order aimed at harmonising the regulation of virtual assets across government agencies, strengthening oversight, and reducing the use of digital assets for illicit financial activities while encouraging responsible innovation.
More recently, the Nigeria Revenue Service (NRS) introduced comprehensive guidelines on the taxation of virtual assets, targeting VASPs, peer-to-peer marketplace operators, companies, and individual participants in the digital asset ecosystem.
Taken together, the SEC’s incubation programme, the CBN’s sandbox expansion, and the government’s regulatory and tax initiatives point to a clear shift: Nigeria is no longer treating crypto as a regulatory afterthought. Instead, authorities are steadily building a framework that allows innovation to be tested, monitored, and integrated into the formal financial system under structured supervision.