Legislative Update - Proposed Nigerian Fintech Regulatory Commission Bill Advances

Legislative Update: Proposed Nigerian Fintech Regulatory Commission Bill Advances

Updates

The Nigerian House of Representatives successfully passed the Nigerian Fintech Regulatory Commission Bill (HB. 2389) for its second reading on October 28, 2025. This legislative progression is a pivotal step towards restructuring the regulatory framework governing the country’s burgeoning fintech sector. Nigeria’s current fintech ecosystem faces regulatory complexity due to fragmented oversight distributed among various agencies, primarily the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Contracting in the Digital Finance Ecosystem: How to Manage Legal Risks in Nigerian FinTech Partnerships

Business Advisory, Business, Entrepreneurs, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Project Finance

The emergence and continued growth of Financial Technology (FinTech) companies in the Nigerian financial services sector has redefined how financial services are delivered, with technology driven solutions that enable faster payments, lending and wealth management. These innovations often lead to complex collaborations between FinTech startups, traditional banks and third-party service providers. These partnerships may inevitably expose the parties to legal and regulatory risks if not properly managed.

AI and IP: Navigating Authorship & Ownership in Generative Content in Nigeria

AI and IP: Navigating Authorship & Ownership in Generative Content in Nigeria

Updates

As the speed of technological change accelerates across Nigeria’s creative and industrial landscapes, the legal frameworks governing Intellectual Property must evolve to keep pace. At Goldsmiths LLP, we recognize that staying ahead of these shifts is critical for safeguarding your most valuable assets. Let us dive into one of the most pressing strategic challenges facing businesses today: how to secure ownership and mitigate risk when innovation is powered by sophisticated AI. We explore the current uncertainties surrounding authorship and the vital importance of implementing clear internal policies to protect your competitive edge in this new era.

New NDPC Directive on International Data Transfers

New NDPC Directive on International Data Transfers

Updates

The Nigeria Data Protection Commission (NDPC) has released the General Application and Implementation Directive (GAID) 2025 to guide the implementation of the Nigeria Data Protection Act (NDPA) 2023. This directive focuses on international data transfers, clarifying that data controllers must ensure adequate protection or use approved mechanisms like binding corporate rules before transferring personal data outside Nigeria. It also establishes procedural expectations for maintaining records of transfer mechanisms and responding to NDPC compliance requests.

CBN's Issues Draft Guidelines on Handling Authorised Push-Payment Fraud

CBN’s Issues Draft Guidelines on Handling Authorised Push-Payment Fraud

Updates

The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Guidelines for Handling Authorised Push Payment (APP) Fraud, signalling a major shift in liability and consumer protection across the financial system. The Guidelines mandate that Financial Institutions (FIs), including banks and fintechs, must establish 24/7 reporting channels and adhere to strict timelines: acknowledging complaints within 24 hours, concluding investigations within a maximum of 14 working days, and processing mandatory reimbursements within 48 hours of resolution. The draft places clear accountability on Financial Institutions, making non-compliance a regulatory breach that will attract sanctions for both the institution and responsible individuals. This regulatory action transforms fraud management into a systemic risk that must be overseen by the Financial Institutions (FIs’) Board of Director