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CBN to Test Innovations with Loan Apps and Start-ups

CBN to Test Innovations with Loan Apps and Start-ups

Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has announced plans to meet with digital lenders, application developers, start-ups, and fintech providers to identify innovations that will enhance financial inclusion.

In a circular signed by the apex bank’s 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.

The Sandbox will allow innovators to test their innovations, and encourage innovative solutions that will enhance the design and delivery of payment and financial services in the country.

The circular in part reads, “Applicants are mandated to complete the electronic application form and ensure that all fields are duly completed. Please note that incomplete submissions will not be considered.”

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“Applicants are also reminded that providing false or misleading information in the application process may result in the refusal of the application, subsequent cancellation of the registration process, and/or further regulatory actions.”

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