Introduction 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…
Introduction 2024 saw significant changes in Nigeria’s legal and regulatory landscape, with notable developments across various sectors including financial services, oil and gas, energy, transportation, etc. Significant judicial decisions were…
Introduction 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…
Introduction With Nigeria being a leading Fintech hub in Africa, we have in last few years witnessed a surge in online money lending service. The operation of money lending business…
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…
Introduction 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…
Introduction 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…
Introduction 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…
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…
The Nigerian Startup Act, 2022 (the Act) was signed into law on 19th October 2022 by President Muhammad Buhari. The core objectives of the Act are to boost digital operations…