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The Central Bank of Nigeria (CBN) has released the Framework for Regulatory Sandbox Operations, to ensure the safety and stability of the Nigerian Financial System.
The apex bank also is working to promote the use and adoption of electronic payments and foster innovation in the payments system. The CBN released the structure on its website on Tuesday and says one of the objectives is to increase the potential for innovative business models that advance financial inclusion.
The bank explained that it came up with the structure to ensure new and more flexible ways of engaging with the banking industry. This, it said, is in view of increasing consumer appetite for payment solutions and emerging disruptive technology in the financial services space. It said that the structure would enable the bank stay abreast of innovations while promoting a safe, reliable and efficient payments system to foster innovation without compromising on the delivery of its mandate. “This Framework, therefore, defines the establishment, rules and operations of a Regulatory Sandbox for the Nigerian Payments System to promote effective competition, embrace new technology, encourage Financial Inclusion and improve customer experience, with a view to engendering public confidence in the Financial System,” it said.
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