New Telegraph

CBN releases guide for sandbox operations, QR code payments

The Central Bank of Nigeria (CBN) yesterday released frameworks for regulatory sandbox operations and Quick Response (QR) code payments in the country. According to the apex bank, it introduced the frameworks in order to ensure the safety and stability of the country’s financial system, especially in the wake of increasing consumer appetite for payment solutions and emerging disruptive technology in the financial services space.

Describing the regula-tory sandbox as “a formal process for firms to conduct 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,” the CBN said the mechanism would enable it “stay abreast of innovations while promoting a safe, reliable and efficient payments system to foster innovation without compromising on the delivery of its mandate.”

It further stated that in defining the establishment, rules and operations of a regulatory sandbox for the Nigerian payments system, the framework aimed to achieve objectives such as promoting effective competition, encouraging financial inclusion, the embrace of new technology as well as improving customer experience.

The sandbox application process, according to the framework, is open to both existing CBN licensees (financial institutions with FinTech initiatives) and other local companies, which may include financial sector companies as well as technology and telecom firms intending to test an innovative payments product or service industry deemed acceptable by the CBN.

Similarly, the CBN stated that the QR code payments framework provided regulatory guidance for the operation of QR Code payment services in the country, adding that: “ It aims to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria.”

Read Previous

ABCON: Exchange rate unification’ll maximise benefits of remittance inflow

Read Next

NSE advances with N24bn gain

Leave a Reply

Your email address will not be published. Required fields are marked *