To this end, CBN has introduced Regulatory Aandbox which is a formal process for firms to carry out live tests of new, innovative products, services, delivery channels, or business models in a controlled environment, with regulatory oversight, subject to appropriate conditions and safeguards.
It is expected that the CBN would stay abreast of innovations while promoting a safe, reliable and efficient Payments System to foster innovation, without compromising the delivery of its mandate.
What you should know
- A regulatory sandbox is a framework set up by a regulator that allows FinTech start-ups and other innovators to conduct live experiments in a controlled environment under a regulator’s supervision. It encourages innovation that can improve the design and delivery of payment services.
- No doubt, regulations around Fintech are still emerging and developing, there is still a high entry barrier for new entrants and it is expected that Sandboxes would present them with a safe testing environment and ease regulatory onboarding.
- Sandbox is quite suited for new products, services or solutions that are either not contemplated under the prevailing laws and regulations, or do not precisely align with existing regulations.
- Sandbox is intended 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.
- The framework pguidesthe establishment, the applicable rules and operations of a Regulatory Sandbox for the Nigerian Payments System, as well as providing standards for the operations of a Regulatory Sandbox, prescribes the processes and procedures for analysing, collecting, updating, integrating, and storing consumer data and information.
More from our blog
See all posts
The future of digital banking is exciting! As more people use their…
Even though there was a global economic heartbreak that went on last…
The Central Bank of Nigeria (CBN) last Wednesday announced that it would…
The tech world is still grappling with this week’s announcement of Twitter’s…
The industry is growing at such a rapid pace that the laws…
Female 'techpreneurs' are taking their place in Africa's male-dominated fintech boom, but…
In Africa, South Africa, Nigeria and Kenya have the three most developed…
The Giant of Africa isn’t giant when it come to Fintech in…
No Comments
Recent Posts
- Artificial Intelligence And Machine Learning In Digital Banking March 7, 2023
- Top 10 Nigerian Tech Deals That Made The News In 2022 January 9, 2023
- 10 Changes Made To Nigeria’s Currency Since Independence October 31, 2022
All Website Tags
Access bank
agency banking
algorithms
anchor text
art
back-links
bill paymet
bitcoin
branding
cashless
cashless policy
cbn
Central Bank of Nigeria
Chris Ife
content
coronavirus
corporate
corporate messaging
credibility
dream-theme
eNaira
fast track banking
Fintech
flat
Giftcard
gift cards
Giftoga
globasure
globasure smart roaming
GlosoftPOS
Godwin Emefiele
GROAM
gtbank
ingenico
nibss
nigeria
payalat
roaming SIM
seo strategy
ServPoint
stamp duty
themeforest
VAT
VAT Increase
wordpress
Leave a Comment cancel
This site uses Akismet to reduce spam. Learn how your comment data is processed.