Africa
By Kennedy Nnamani
THE Central Bank of Nigeria, CBN, has invited participants in the financial system to submit expressions of interest to participate in its Regulatory Sandbox.
In a statement signed by the Director, Payments System Management Department of the CBN, the apex bank noted that this is to engage innovators in new and flexible ways in line with the provisions of the Framework for Regulatory Sandbox Operations.
According to the CBN, the aim of the Scope of the Sandbox is to identify and encourage innovative solutions that will enhance the design and delivery of payment and financial services in Nigeria.
In addition, it is aimed at improving service quality, enhancing customer experience and fostering financial inclusion amongst others.
Eligible for the Sandbox, which is suitable for financial products, services and solutions that are innovative, are digital lenders, application developers, start-ups, financial technology providers and others. Applications are also welcome from existing CBN licensed institutions.
The application form can be accessed via https://sandbox.cbn.gov.ng/
The CBN requests all applicants to complete the electronic application form and ensure that all fields are duly completed on or before February 1, 2023.
It is pertinent to note that incomplete submissions shall not be considered and applicants who provide false or misleading information in the application process may result in the refusal of the application, subsequent cancellation of registration process and/or further regulatory actions.
All applications successfully submitted would be acknowledged. Applicants would be informed of approval or non-approval to participate in the sandbox within 60 working days after the closing date indicated in this publication.
Furthermore, a Letter of Approval (LoA) shall be issued to selected applications. This certifies participants to test their innovation upon admission into the Sandbox.
It advised that application review timelines depend on the complexity of proposed product/solution as well as timely receipt of supporting documentation.
The CBN warned that by submitting an application for admission into the Sandbox is consent that the CBN may use or exclude any data/content submitted by applicants for its internal evaluation.
Furthermore, all data provided to the CBN in connection with the Regulatory Sandbox shall be collected, used, stored, and transmitted in accordance with CBN’s Privacy Policy located at https://cbn.gov.ng.
KN
Tags: Central Bank of Nigeria Kennedy Nnamani Musa Jimoh
