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The Central Bank of Nigeria Regulatory Sandbox is Now Operational

The Central Bank of Nigeria Regulatory Sandbox Is now Operational: Here’s 5 Ways Your Start -Up  Can Benefit From It.

The Central Bank of Nigeria Regulatory Sandbox became operational on January 25, 2023.  The Central Bank of Nigeria (CBN) made this announcement through their Twitter handle in a Thread.  According to the thread, the Regulatory Sandbox is aimed at boosting innovation, increasing financial accessibility, and protecting consumers in Nigeria.

The Central Bank Of Nigeria Regulatory Sandbox Is Now Operational

What is the Central Bank of Nigeria Regulatory Sandbox?

The Central Bank of Nigeria Regulatory Sandbox is a formal procedure that allows businesses to test new, innovative goods, services, distribution methods, or business models in real-world settings under regulatory supervision. 

This Regulatory Sandbox offers all the information required to encourage and support innovation in the Nigerian financial sector. In addition The Central Bank of Nigeria ‘s Sandbox is being introduced in collaboration with Emtech, a provider of contemporary central banking infrastructure.

What is the Application Deadline For the Central Bank of Nigeria Regulatory Sandbox?

In a publication by the Central Bank of Nigeria on December 25, 2022, the application deadline is on February 1, 2023. Hence, it’s expected that interested Start-Ups should have tendered in their applications to be part of the first cohort of the  CBN Regulatory Sandbox.

According to the CBN Regulatory website, The Sandbox application process is open to both existing CBN licensees (financial institutions with FinTech initiatives) and other non-regulated technology companies intending to test innovative financial solutions, products, or services deemed acceptable by the CBN’.

Regulatory Sandbox in Africa

Regulatory Sandbox in Africa is rising. In addition to Nigeria’s Regulatory Sandbox in cooperation with Emtech, the Bank of Ghana’s Sandbox in cooperation with Emtech was also announced in August 2022.

According to a World Bank research in 2020, Africa had the third-highest number of sandboxes globally, behind North America and South Asia. In addition, African nations like Rwanda, Kenya, Uganda, and Sierra Leone have all created regulatory sandboxes. This is all in the bid to promote innovation and financial inclusion in  Africa.

Hence, with the CBN Sandbox now live, it’s time for fintech innovators to take the next step. With the CBN’s support, Nigeria’s financial industry is poised for growth and progress like never before. 

5 Benefits of the Central Bank of Nigeria Regulatory Sandbox to Start-Ups

  1. Less rigorous regulatory requirements: The sandbox offers start-ups a less demanding regulatory environment in which to test their innovations.
  2. Faster market entry: By cutting the time and expense involved in conventional regulatory approval processes, the sandbox enables start-ups to market their goods more quickly.
  3. Improved product-market fit: Before expanding to a larger market, start-ups can hone and develop their ideas in the sandbox, which offers a real-world testing environment.
  4. Access to resources: To support their development and progress, startups can take advantage of the Central Bank of Nigeria’s (CBN) resources and experience.
  5. Opportunities for networking: The sandbox gives startups a place to meet and work with other innovators, investors, and industry professionals.

A&D Forensics Can Help You Build a Compliant Solution

At A&D Forensics we are committed to ensuring that Start-Ups build innovative solutions with Compliance in mind. Whether your start-up’s primary focus is cryptocurrency or you’re a Fintech company, you need to make sure that your compliance program efficiently monitors the trading of digital assets. 

To this end, the Compliance-as-a-service(CaaS) offer from A&D Forensics is designed to assemble all the requirements needed for start-ups to have a simple-to-use, effective, affordable compliance program. 

Consult with us for your Compliance Needs as our Compliance as a Service Solution (CaaS) was developed with you in mind.

Contributor: Chioma Agbo

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Chioma Onyekelu is a highly skilled and accomplished professional in the field of cryptocurrency and blockchain technology. She is a Certified Cryptocurrency Investigator and Crypto Compliance Specialist, as well as a Blockchain Forensic Specialist and a teacher. She is also a public speaker and her teachings include consultations and practical solutions for African Start-ups on the best and most cost-effective way to build with compliance in mind. With a wealth of knowledge and experience in these cutting-edge technologies, she is well-equipped to navigate the complex landscape of cryptocurrency-related crimes.

In her current role as a Blockchain Forensic Specialist at A&D Forensics, Chioma is responsible for tracing and investigating cryptocurrency-related crimes, as well as training law enforcement agents and compliance officers on the latest developments and best practices in the field. In addition, she is currently pursuing a Master's degree in Blockchain and Digital Currencies at the University of Nicosia in Cyprus, further solidifying her expertise and understanding of the technology.

Chioma's dedication and passion for the field is evident in her work, and she is committed to staying at the forefront of developments in cryptocurrency and blockchain technology to provide the best possible service to her clients. Her exceptional skills in educating and consulting make her a valuable asset to the industry and an authority in the field of Blockchain and Crypto Compliance.


Adedeji is a Forensic Investigation Practitioner and CertifiedBlockchain/Cryptocurrency Forensic
Investigator (CFE, CCI, CCFI & Reactor Certified) with more than Fifteen years of experience across few banks within the Nigeria Financial Sector and educator in Corporate workplace settings, Deji is uniquely qualified and involved in forensics analysis of Financial Infractions, Cryptocurrency crimes and designing plans that works for Government, Regulators, Law enforcement.

He was appointed by SEC Nigeria as Member Virtual Asset and Fintech Regulatory framework drafting Committee, He is a member of Global Digital Finance’s KYC/AML working group in France and a member of the Industry led Thinktank that worked on and came out with FATF cryptocurrency Travel rule InterMessaging Standard for Virtual Assets (IVMS101) to help combat money laundering and terrorism financing using cryptocurrencies around the globe.

His law enforcement training efforts on new money and cybercrime have seen him train many law enforcement agents in various countries i.e Nigeria Police, Nigeria Army CyberWarfare command, Zambia Financial Intelligence Unit, Zambia Central Bank and more.
He is Chainalysis Sole Africa Investigative Partner helping law enforcement investigate criminal organizations using cryptocurrency to conceal illiccit activities across Africa, he is also a training Partner for Blockchain Intelligence Group based out of Canada.

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