Nigerian Open Banking - The Legal Framework All Banks and FinTechs Need to Know

Nigerian Open Banking: The Legal Framework All Banks and FinTechs Need to Know

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Technology (FinTech), Innovation and Technology, Startups and MSME Law

The Central Bank of Nigeria (CBN) framework on open banking has now transitioned from a policy document to a phased implementation. Nigeria has a comprehensive history of open banking; with the Central Bank issuing Africa’s first Open Banking Regulatory framework in February 2021, followed by the Operational Guidelines in March 2023. In April 2025, the CBN provided August 2025 as the launch date for an operation that would have seen Nigeria emerge as the first African country to launch national open banking. However, the initial launch date was deferred as the CBN stressed that a wholly automated system that offers robust data protection and stringent consumer protection mechanisms should first be in place.

Nigerian Lending - Perfection. Banks and Borrowers Keep Making These 5 Mistakes

Nigerian Lending – Perfection. Banks and Borrowers Keep Making These 5 Mistakes

Banking and Finance Law, Business Advisory, Business, Careers, Business, Small Business, Corporate & Commercial, Corporate Restructuring and Insolvency, Financial Services, Financial Technology (FinTech), Project Finance, Public-Private Partnerships (PPP), Startups and MSME Law

There is no loan facility stronger than the security that underlies it. Any bank that doesn’t properly secure its assets is not a secured creditor. And a borrower that does not understand its perfection obligations might find that its representations to its lender were false. These are five security perfection mistakes we see often and every party involved in a Nigerian credit transaction needs to know about them.

Goldsmiths Solicitors – Legal Recap for the Year 2025

Banking and Finance Law, Business Advisory, Business, Entrepreneurs, Business, Sales, Capital Markets, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Innovation and Technology, Intellectual Property, Public Sector, Startups and MSME Law, Telecommunications

2025 was a very exciting year and saw significant changes in Nigeria’s legal and regulatory landscape. Series of laws were enacted by the National Assembly and regulatory guidelines were also issued by regulators including the Central Bank of Nigeria, Federal Competition and Consumer Protection Commission, the Nigerian Communications Commission, etc. There were also some important judicial decisions from the courts in Nigeria which shaped the legal and regulatory space in the country. This recap is divided into four parts representing the four quarters of the year, highlighting what we think are the most impactful laws and regulations, reforms, and judicial decisions in 2025.

How Virtual Assets Service Providers (VASPs) Can Obtain Licenses in Nigeria

How Virtual Assets Service Providers (VASPs) Can Obtain Licenses in Nigeria

Banking and Finance Law, Business Advisory, Financial Services, Financial Technology (FinTech), Insights, Startups and MSME Law

With the enactment of the Investment and Securities Act (ISA) 2025, virtual assets/digital assets including cryptocurrencies, Non-Fungible Tokens (NFTs), etc. can now be legally traded and transacted in Nigeria subject to satisfying applicable legal requirements. Prior to the enactment of the ISA, the legality of trading or transacting in virtual/digital assets was uncertain especially following the Central Bank of Nigeria (CBN) circular of 2021 which directed all financial institutions to identify persons and entities transacting or operating cryptocurrency exchanges in Nigeria and ensure that their bank accounts are closed.

A Guide on Anti-Money Laundering and Counter-Terrorism Finance Compliance for Designated Non-Financial Businesses and Professions in Nigeria

A Guide on Anti-Money Laundering and Counter-Terrorism Finance Compliance for Designated Non-Financial Businesses and Professions in Nigeria

Banking and Finance Law, Business Advisory, Corporate & Commercial, Corporate Restructuring and Insolvency, Financial Services, Insights

Money laundering and terrorist financing are major threats to national and global security, and Nigeria is no exception. Under Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 (MLPPA), money laundering is defined as the act of concealing, disguising, converting, transferring, or controlling funds or property, knowing they are proceeds of an unlawful act. Terrorist financing on the other hand, refers to the provision of funds or financial support to individuals or groups to enable them commit acts of terrorism.

Tax Reform Act

All You Need to Know About Nigeria’s Newly Signed Tax Reform Acts

Banking and Finance Law, Business Advisory, Business, Entrepreneurs, Business, Small Business, Capital Markets, Corporate & Commercial, Corporate Restructuring and Insolvency, Financial Services, Financial Technology (FinTech), Insights, Labour and Employment

Introduction On 26th June 2025, the President of the Federal Republic of Nigeria signed four landmark tax reform bills into law, marking a significant shift in the nation’s tax landscape.…

Overregulation of FinTechs in Nigeria: Myth or Reality

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Insights, Startups and MSME Law

In the last few years, the Nigerian Financial Technology (FinTech) space has witnessed exponential growth and has attracted both local and international investors. Nigeria is home to some unicorns especially in the payments segments of the financial services sector. Like in most jurisdictions, the regulators appear to be playing ‘catch up’ with FinTechs and it has been said that there appears to be an over regulation of FinTechs in Nigeria.

ARBITRATION

The Role of Arbitration in Resolving Disputes in Nigeria

Banking and Finance Law, Business Advisory, Capital Markets, Corporate & Commercial, Energy & Natural Resources, Financial Services, Financial Technology (FinTech), Innovation and Technology, Insights, Labour and Employment, Litigation and Alternative Dispute Resolution (ADR), Media and Entertainment, Public-Private Partnerships (PPP), Startups and MSME Law

Disputes are inevitable in most business relationships. Traditional litigation, while effective, often proves to be time-consuming, expensive and adversarial, potentially straining business relationships. This is particularly the case in Nigeria…

International Money Transfer

How to Obtain International Money Transfer Operators (IMTO) License from the Central Bank of Nigeria

Banking and Finance Law, Business Advisory, Business, Small Business, Capital Markets, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Insights

An International Money Transfer Operator (IMTO) is a company approved by the Central Bank of Nigeria (CBN) to facilitate the transfer of funds from individuals or entities residing abroad to…