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.

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…

Legal Recap

Goldsmiths Solicitors – Legal Recap for the Year 2024

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Insights, Press Release, Project Finance, Public Sector, Public-Private Partnerships (PPP), Startups and MSME Law

This Legal Recap for 2024 offers a comprehensive overview of the most significant legal, regulatory, and judicial developments in Nigeria. In 2024, Nigeria’s legal landscape experienced major transformations, with notable…

Better Late than Never: Nigeria Finally Passes the Data Protection Act

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Innovation and Technology, Insights, Intellectual Property, Labour and Employment, Media and Entertainment, Startups and MSME Law, Telecommunications, Transportation

On 12 June 2023, the Nigeria Data Protection Act, 2023 (“the Act”) was signed into law by President Bola Ahmed Tinubu. The Act provides a legal framework for the protection…

How to Obtain a Payment Solution Service Providers Licence in Nigeria

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

A Payment Solution Service Providers (PSSP) licence is a financial licence within the payments system which is issued by the Central Bank of Nigeria (CBN). A PSSP licence authorizes the licensee to provide and operate payment processing gateway and portals, solution/application development, and merchant service aggregation and collections services. A  PSSP license does not provide the authorization to hold customers’ funds or create and issue wallets. PSSPs are predominantly Financial Technology (FinTech) companies that enable  and facilitate  online and offline payments solutions which include collections, check-out, biller aggregation and payout services.