CBN Introduces Regulatory Sandbox, QR Code Payment Framework
The Central Bank of Nigeria (CBN) has "introduced Regulatory Sandbox which is a formal process for firms to carry out 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", Nairametrics reports. With this, fintech will get more clarity on building new products and services.
Also, the apex bank has issued the framework that would guide Quick Response (QR) Code Payments in Nigeria. A quick response (QR) code is a type of barcode that can be read easily by a digital device and which stores information as a series of pixels in a square-shaped grid. QR codes are frequently used to track information about products in a supply chain and often used in marketing and advertising campaigns, according to Investopedia.