How to Obtain Money Lenders License in Lagos State, Nigeria
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…
Better Late than Never: Nigeria Finally Passes the Data Protection Act
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
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.
An Overview of CBN’s Operational Guidelines for Open Banking in Nigeria
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.
Goldsmiths Solicitors – Legal Recap for the Year 2022
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.
An Overview of the Central Bank of Nigeria Exposure Draft Guidelines on Contactless Payments in Nigeria
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, Nigeria’s Bold Step to Encourage Innovation?
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…
Overview of the Central Bank of Nigeria Exposure Draft Guidelines for Credit Guarantee Companies in Nigeria
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…
The New Central Bank of Nigeria Regulatory Framework and Guidelines for Mobile Money Services in Nigeria
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…
All you need to know about Nigerian Securities and Exchange Commission’s Regulatory Incubation Guidelines
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…