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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 on Monday 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.
“In this regard, the CBN has implemented several reform initiatives towards the achievement of these objectives. In continuation of these efforts, the CBN hereby issues the framework for the regulatory sandbox operations in Nigeria.