USSD Pricing

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...
BOFIA-GB

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...
BOFIA 2020

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 The Act repealed the extant BOFIA 1991 (as amended) and...
Netting Provisions

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...
CBN Guidelines

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 Guide

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...
NSE

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

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

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...
CBN Policy

The Central Bank of Nigeria’s Proposed Policy Responses to the COVID-19 Pandemic

Like all major experiences that happen with life, lessons are learnt, approaches are changed, behaviours are shaped and plans are made. The outbreak of the COVID-19 pandemic ("COVID-19" or "The Pandemic") is...