2021 was an incredibly busy and exciting year in the Nigerian legal and regulatory landscape. There were major and far-reaching changes in the legal and regulatory frameworks relating to Oil and Gas, FinTech, Banking and Finance, etc. There were also some very brave and landmark judicial pronouncements by the Nigerian judiciary. In this article, we…
The Petroleum Industry Act (the PIA) was signed into law by Nigerian President, Muhammadu Buhari on 16 August 2021. Before its passage into law, it was a Bill pending for over 20 years at the National Assembly. Its passage represents a breakthrough for the petroleum industry in Nigeria with its innovative provisions and is aimed…
Nigeria operates a free-market economy and there are no restrictions on foreigners setting up companies in Nigeria. Subject to the laws of Nigeria, a foreign individual or entity can set up a fully owned company in Nigeria and operate, employ expatriates and repatriate profits. However, before any foreigner can carry on business in Nigeria, it…
On 4 August 2021, the Central Bank of Nigeria (CBN) issued the Exposure Guidelines to regulate the activities of Credit Guarantee Companies (CGCs) in Nigeria. The Guidelines are expected to create a conducive atmosphere for Micro, Small and Medium Enterprises (MSMEs) to access credit at low interest rates from banks and financial institutions in a…
On 9th July 2021, the Central Bank of Nigeria (CBN) released a single-document circular, setting out the framework and guidelines for the operations of Mobile Money Services in Nigeria (the Guidelines and Framework). The Guidelines and Framework sets out the rules which governs the business of mobile money operation in Nigeria and stipulates the minimum requirements…
On 26 May 2021, the CBN published its Guidelines for Shares Services Arrangements for Banks and other Financial Institutions in Nigeria (the Guidelines). These Guidelines come into effect on 1st June 2022. Prior to this publication, there were no stated uniform practice for Shared Services Arrangements for Banks and other Financial Institutions in Nigeria. The…
On 16 June 2021, the Nigerian Securities and Exchange Commission (SEC) announced an imminent roll-out of an Incubation Programme called SEC Regulatory Incubation (RI) programme for FinTechs operating or seeking to operate in the Nigerian Capital Market. There is no doubt that FinTech operations in Nigeria have continued to gain enormous grounds. In order…
On 30 June 2021, Goldsmiths Solicitors in collaboration with Afriwise, held the first of its Webinar series which examined the regulatory issues for FinTech to be aware of when doing business in Nigeria. The salient points from that discussion was published by the well respected African Law & Business publication, a very credible pan-African source…
On 28th May 2021, the CBN issued a framework for non-bank acquiring in Nigeria. The framework sets out requirements for Participants and it is the primary regulation for non-bank acquiring in Nigeria. Participants in non-bank acquiring Non-Bank Acquirer Settlement Bank/Sponsor Bank Merchant’s Deposit Money Bank Card Schemes Other Payment Schemes Nigeria Central Switch (NCS). …
In this Article, we shall identify what a FinTech Company is, the Regulatory bodies that control and regulate the FinTech sector in Nigeria and regulatory requirements for FinTech Companies in Nigeria. What is a Fintech Company? FinTech has been defined as an economic industry composed of companies that use technology to make financial services…