The Central Bank of Nigeria (CBN) has announced plans to meet with digital lenders, application developers, start-ups, and financial technology providers to identify new innovations that will enhance financial inclusion.
The National Data Protection Bureau (NDPB) has disclosed that it is working with the Central Bank of Nigeria (CBN), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC,) the Nigerian Communications Commission (NCC) and other agencies of government to investigate the activities of online financial loan companies that are currently defrauding vulnerable Nigerians using certain applications.
The Investigation is aimed at finding out their mode of operation, the technology they are using and to look at a holistic way of tackling the problem.
In a circular signed by the Director, Payments System Management Department, and titled; ‘Regulatory Sandbox: Invitation to Apply’, the central bank called for applications from new and existing innovators on or before February 1, 2023.
CBN’s Sandbox will enable innovators to test their innovation, identify and encourage innovative solutions that will enhance the design and delivery of payment and financial services in Nigeria.
The circular reads, “Applicants are required to complete the electronic application form and ensure that all fields are duly completed. Please note that incomplete submissions shall not be considered.
“Applicants are reminded that providing false or misleading information in the application process may result in the refusal of the application, subsequent cancellation of registration process and/or further regulatory actions.”
It also stated, “All applications successfully submitted would be acknowledged. Applicants would be informed of approval or non-approval to participate in the sandbox within 60 working days after the closing date indicated in this publication.”
CBN added that, “A Letter of Approval (LoA) shall be issued to approve applications. This certifies participants to test their innovation upon admission into the Sandbox. Please be advised that application review timelines depend on the complexity of proposed product/solution as well as timely receipt of supporting documentation.
