Nigeria FinTech Landscape - Impact Assessment
1: To reach full potential, the Nigerian sandbox needs to incorporate these key
elements
Type
Key Components
Regulatory
Sandbox
Waiver
ā
Innovation
Sandbox
Innovation
Office
QQ
ā
SOURCE: Expert Interviews, Team Analysis
8
Description
Low
Medium
High
Priority
Relaxation of legal and regulatory requirements specific to
tests
Regulator Collaborations CBN collaboration with other regulators e.g. NAICOM,
PENCOM
API standardization
API Access
Helpdesk
Regulatory review
Basic standard for APIs in sandbox to ensure ease of
connection for FinTech (could be achieved through NIBSS)
Enable access to relevant APIs for firms who are part of the
sandbox
Play 'midwife' role in assisting and guiding FinTech who
wish to test ideas
Clear process for updating regulations based on sandbox
outcomes
EFINA
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