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…
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…
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…
Following the emergence of online betting, the Nigerian gambling industry has experienced extraordinary growth in the past few years. This also followed the legalization of some forms of gambling in…
A money lender looking to operate in Nigeria must navigate a regulated framework that governs loan services across the country. With Nigeria being a leading Fintech hub in Africa, we…
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…
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.
By a Circular dated 7th March 2023, the Central Bank of Nigeria (CBN) released the “Operational Guidelines for Open Banking in Nigeria” (‘the Guidelines’). The Guidelines set out rules for sharing the data/information of customers between participants in the open banking system. Although not defined in the Guidelines, open banking system may be defined as the exchange of the data of an entity’s customers with other entities for the purpose of providing innovative financial services.
2022 has been an incredibly busy and exciting year in the Nigerian legal and regulatory environment. There were major and far-reaching changes ushered in by the regulatory authorities particularly the Central Bank of Nigeria (CBN). There were also major developments relating to Banking and Finance, Competition and Consumer Protection, Startups, Capital Markets, Insolvency, etc. In this article, we have highlighted some of the major legal, regulatory, and judicial changes that occurred in 2022.
On 25 October 2022, the Central Bank of Nigeria (CBN) released the Exposure Draft Guidelines on Contactless Payments in Nigeria (the Guidelines). The Guidelines were released by CBN in line…