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, among other things.
![image](/2020/10/lawreport.jpg")
It is also to promote the use and adoption of electronic
payments and foster innovation in the payments system.
![image](/2020/10/NWLRland.jpg")
The CBN released the structure on its website on Wednesday and
said one of the objectives was 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.
The bank explained also that the structure was to reduce
time-to-market for innovative products, services, and business
models.
According to CBN, the framework will increase competition, widen
consumers’ choice and lower costs.
It also said that it would ensure appropriate consumer
protection safeguards in innovative products.
The CBN said that the structure would clearly define the roles
and responsibilities of stakeholders and the operations of the
Sandbox for the Nigerian Payments System industry.
The apex bank added that the framework would ensure adequate
provisions in regulations to create an enabling environment for
innovation without compromising on safety for consumers and the
overall payments system.
Besides, it said that it would provide an avenue for regulatory
engagement with FinTech firms in the payment space, while
contributing to economic growth. NAN
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, among other things.
It is also 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 Wednesday and
said one of the objectives was 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.
The bank explained also that the structure was to reduce
time-to-market for innovative products, services, and business
models.
According to CBN, the framework will increase competition, widen
consumers’ choice and lower costs.
It also said that it would ensure appropriate consumer
protection safeguards in innovative products.
The CBN said that the structure would clearly define the roles
and responsibilities of stakeholders and the operations of the
Sandbox for the Nigerian Payments System industry.
The apex bank added that the framework would ensure adequate
provisions in regulations to create an enabling environment for
innovation without compromising on safety for consumers and the
overall payments system.
Besides, it said that it would provide an avenue for regulatory
engagement with FinTech firms in the payment space, while
contributing to economic growth. NAN