Newsletter on the eNaira Draft Regulatory Guidelines
In an attempt to provide legal and regulatory clarity on the proposed eNaira, the CBN has prepared the draft Regulatory Guidelines on eNaira (Draft Guidelines). Upon its issuance by the CBN, the...
Newsletter on the Joint Statement by the Central Bank of Nigeria and Nigerian Communications...
On 12 March 2021, the Association of Licensed Telecommunications Operators of Nigeria (ALTON) announced plans to withdraw all Unstructured Supplementary Services Data (USSD) services from financial service providers (FSPs1) citing their indebtedness...
The Banks and other Financial Institutions Act 2020 – Spotlight on Notable Provisions
On 13 November 2020, the President of the Federal Republic of Nigeria assented to the Bill to repeal the almost three-decade old Banks and Other Financial Institutions...
The Banks and Other Financial Institutions Act 2020 and Impact on Fintech Companies in...
On 13 November 2020, the President of the Federal Republic of Nigeria signed the Banks and Other Financial Institution Act (2020) (BOFIA or the Act) into law. The Act repealed the extant BOFIA 1991 (as amended) and...
An Appraisal of Netting Provisions Under the Companies and Allied Matters ACT 2020
The new Companies and Allied Maters Act, 2020 (the Act or CAMA 2020), made significant amendments and introductions to the Nigerian companies’ laws, one of which is the provision for statutory enforcement of netting...
Overview of the Updated CBN Guidelines for Payment Service Banks
The CBN, in a bid to promote financial inclusion and enhance access to financial services for low income earners and unbanked segments in society, proposed the establishment and licensing of Payment Service...
CBN Guidelines on Global Standing Instruction for Individuals
As part of the regulatory strides to reduce the vast non-performing loans (NPLs) in the Nigerian banking system, the Central Bank of Nigeria (CBN) on 13 July 2020, published the Operational Guidelines...
Nigerian Stock Exchange Proposed Rules for Broker to Fintech Collaborations
The Nigerian Stock Exchange (NSE or the Exchange) recently released its Exposure Draft of the Proposed Rules for Broker to Fintech Collaborations (BFC or Collaboration) (the Proposed Rules). The Proposed Rules seek to regulate any business...
NAICOM Issues Circular on Segmentation of Minimum Paid up Share Capital Requirement
Following circulars released in May and December of 2019, introducing new capital requirements for insurance companies in Nigerian and extending the deadline for recapitalization, the National Insurance Commission (NAICOM) on 3 June...
WASRA Guidelines on the Issuance of Fixed Income Securities
The Nigerian Securities and Exchange Commission (SEC or the Commission) recently published Guidelines for the Issuance of Fixed Income Securities by Statutory Bodies in West Africa Securities Regulators Association (WASRA) member countries...