The Central Bank of Nigeria (CBN) is opening its regulatory sandbox to crypto firms, fintechs and financial institutions as it seeks to test new digital financial products under closer supervision.
Applications for the second cohort will open on August 12 and close on August 31, 2026, the CBN said.
The programme includes a dedicated track for Virtual Asset Service Providers (VASPs), covering stablecoins, crypto payment services, wallets, custody and settlement infrastructure.
Another track is open to companies developing digital solutions for payments, credit, risk management, financial inclusion and other financial services.
The move gives companies an opportunity to test new products in a controlled environment before wider deployment, but participation does not amount to a licence to operate outside the approved testing conditions.
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Successful applicants will be required to meet standards covering consumer protection, cybersecurity, operational resilience and regulatory reporting.
The CBN will oversee virtual assets used for payment-related activities, while the Securities and Exchange Commission will continue to regulate digital assets classified as securities.
The initiative comes as cryptocurrency use continues to grow in Nigeria, as Chainalysis estimates that Nigerians carried out about $92.1 billion in cryptocurrency transactions between July 2024 and June 2025.
The sandbox also follows President Bola Tinubu’s July 18 Executive Order establishing a Virtual Asset Council to coordinate regulation of the sector among government agencies.
The CBN said the new programme is aimed at encouraging financial innovation while strengthening oversight of Nigeria’s rapidly expanding digital finance market.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
