The Central Bank of Nigeria has said it will review the products and solutions being introduced by licensed institutions.
It said this in a circular released to all Deposit Money Banks, Mobile Money Operators and Payment Service Providers titled ‘Issuance of the framework for regulatory sandbox operations’.
The circular read, “The Central Bank of Nigeria is committed to building a financial services sector that promotes stability, fosters innovation and deepen inclusion.
The CBN instructed all stakeholders in the regulatory sandbox to ensure strict compliance with the requirements of the framework and all other payments system regulations, as it continued to monitor developments and issue guidance as may be appropriate.
It explained that the regulatory sandbox operation was aimed at increasing the potential for innovative business models that advance financial inclusion; and to reduce time-to-market for innovative products, services, and business models.
The CBN added that it would also increase competition, widen consumers’ choice and lower costs; ensure appropriate consumer protection safeguards in innovative products; clearly define the roles and responsibilities of stakeholders and the operations of the sandbox for the Nigerian payments system industry.