Financial Services Innovators launch Nigerian Industry Innovation Sandbox with backing from Flourish, EfINA, NIBSS and CBN

The Financial Services Innovators (FSI) – a community of fintech enthusiasts passionate about driving innovation in the financial services industry recently launched the Nigerian Industry Innovation Sandbox at the sidelines of EFInA’s Financial Inclusion Conference in Lagos.

This effort which is supported by over N250 million naira in multi-year grant funding from Flourish and EfINA, is intended to lower the barriers to innovation within the financial services ecosystem. With this industry innovation sandbox, any innovators can register as a member of the Financial Services Innovators at and access a sandbox environment where they can build and test fintech product ideas on technical infrastructure from NIBSS. Before now, innovators who needed to access the right technical infrastructure for testing the viability of their products needed to have several months of meetings with banks, Fintech players and NIBSS who would typically require a license from the CBN. With the new industry innovation sandbox, registered members of the FSI can leverage the APIs to build a solution within the Sandbox environment before seeking regulatory approval from the CBN or partnering with an existing financial services provider licensed by the CBN to take their product to launch.

Furthermore, the FSI also announced the formal appointment of Mrs. Aituazobe Omoareloje Kola-Oladejo as its pioneer Executive Director. Mrs Kola-Oladejo joins the FSI from NIBSS where she served as the pioneer head of NIBSS institutional research and development department. In that role she led NIBSS innovation management, training and strategy for four years during which she helped support an inclusive ecosystem of developers, startup entrepreneurs and established fintech industry players to deliver a rich portfolio of innovative technology applications and services on NIBSS infrastructure. Prior to joining NIBSS, she had an illustrious decade long career in banking where she served as a banker at United Bank for Africa (UBA) and Citizens International Bank (CIB). The Executive Director is advised by an Executive Committee comprised of representative innovators such as Mr Adegbola Abudu, CEO of Capricorn Digital Limited, Mr Mosh Adetoro, CEO of Qrios, Mr Wole Odetayo, CEO of Wennovation Hub and Mr Wale Obadare, CEO of Digital Encode.

The FSI was the brainchild of a 2017 innovators breakfast forum organized for Nigerian Fintechs and innovation hubs by NIBSS and the CBN at the Virgin Rose Hotel in VI. It is governed by a formally constituted board of trustees which includes a trustee representative of the Central Bank of Nigeria (CBN), a trustee representative from Nigerian Interbank Settlement Scheme (NIBSS) and an elected chair who represents the local innovator community. The current chair of the FSI Board of Trustees is Iyinoluwa Aboyeji, former CEO and co-founder of Flutterwave, one of Nigeria’s fastest growing fintech companies backed by global investors like Mastercard, Greycroft and Y Combinator Continuity Fund amongst others.                                                        

“The time to change the narrative of the Financial Services landscape in Nigeria is here and I am excited to be leading this charge at FSI where we hope to build an inclusive ecosystem of fintech innovators,” said Mrs Kola-Oladejo. “I am especially excited for the Fintech Industry Innovation Sandbox which will lower the barriers for young innovators building and scaling global fintech innovation from Nigeria.”

“I believe Nigeria has a unique opportunity to transform our challenges in the areas of financial inclusion and access into an opportunity to become a global leader in financial services innovation for emerging markets,” said Iyinoluwa Aboyeji, Co-founder of Flutterwave and Chair of the board of trustees, FSI. “This industry sandbox will be the first of many steps on that adventurous path,”  

The Deputy Governor of the Central Bank, Mr Ade Shonubi, while also commenting on the development said, “like people, countries must evolve. We must create an environment which enables our people, young and old, as well as the country take control of our tech future.”

FSI welcomes budding and established innovators, creators and developers to register to access the innovation sandbox by visiting  For more information on FSI, please email

10 thoughts on “Financial Services Innovators launch Nigerian Industry Innovation Sandbox with backing from Flourish, EfINA, NIBSS and CBN

  • March 30, 2021 at 8:21 am

    642876 650413Hey this is kinda of off subject but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. Im starting a weblog soon but have no coding experience so I wanted to get advice from someone with experience. Any help would be greatly appreciated! 120563

  • April 16, 2021 at 7:34 am

    Why visitors still make use of to read news papers when in this technological globe everything is
    presented on web? asmr 0mniartist

  • April 28, 2021 at 4:34 am

    Hi there, just wanted to say, I enjoyed this blog post.
    It was funny. Keep on posting!

  • April 28, 2021 at 11:43 pm

    I am extremely inspired along with your writing abilities as smartly as
    with the format on your blog. Is this a paid topic or did you customize it your self?

    Either way keep up the nice high quality writing,
    it’s rare to see a nice blog like this one nowadays..

  • April 29, 2021 at 3:16 am

    467889 836512I was examining some of your content on this internet website and I believe this web site is rattling instructive! Maintain putting up. 971721

  • April 29, 2021 at 7:14 am

    Write more, thats all I have to say. Literally, it
    seems as though you relied on the video to make your point.
    You definitely know what youre talking about, why throw away your intelligence
    on just posting videos to your site when you could be giving us something enlightening to read?

  • April 29, 2021 at 3:22 pm

    I know this web site gives quality based posts and other data,
    is there any other website which presents these kinds of
    data in quality?

  • May 3, 2021 at 10:35 pm

    I’m amazed, I must say. Seldom do I come across
    a blog that’s equally educative and entertaining, and let me tell you,
    you have hit the nail on the head. The issue is an issue that too few folks are speaking intelligently
    about. I am very happy that I stumbled across this
    during my hunt for something concerning this.

  • May 4, 2021 at 9:18 am

    Now I am going to do my breakfast, once having my
    breakfast coming again to read further news.

Leave a Reply

Your email address will not be published.

%d bloggers like this: