The Central Bank of Nigeria (CBN) has officially gone live with its regulatory sandbox in Nigeria.
According to the CBN’s Framework for Regulatory Sandbox Operations, some of the sandbox’s objectives include reducing the time-to-market for products, increasing competition, and fostering engagement between the CBN and fintech startups.
The CBN says the sandbox aims to provide an environment for businesses with innovative solutions to test the validity of their solutions.
Companies with an existing CBN license and other technology companies with innovative financial solutions can apply to make use of the sandbox.
Other African countries including Kenya, Ghana, and Mozambique have also launched similar regulatory sandboxes.
Source: Techpoint Africa
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