CBN Sandbox: Transparency in Nigeria’s Regulatory Framework

Question 1

What is the main goal of the CBN's regulatory sandbox?

Accepted Answer

To foster innovation in the fintech sector

Answer

To increase banking fees

Answer

To monitor cryptocurrency transactions

Answer

To replace traditional banking

Question 2

Why does Senator Ihenyen emphasize transparency in the sandbox process?

Accepted Answer

To boost industry trust and collaboration

Answer

To ensure legal compliance

Answer

To lower taxes on fintechs

Answer

To increase governmental control

Question 3

What issue did Ihenyen identify with the first cohort of the sandbox?

Accepted Answer

Absence of distinct risk profiles

Answer

Over-regulation

Answer

Lack of investor interest

Answer

Data privacy concerns

Question 4

What major change has the CBN implemented in Cohort 2 of the sandbox?

Accepted Answer

Separated VASPs from Data-Enabled Financial Services

Answer

Increased entry fees

Answer

Unified all fintech categories

Answer

Reduced compliance requirements

Question 5

What challenge does Ihenyen see with the current structure of Cohort 2?

Accepted Answer

Exclusion of smaller fintechs

Answer

Excessive foreign investment

Answer

Increased regulatory leniency

Answer

Reduced banking participation