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Payment System

Newsletter on the Categorisation for the Nigerian Payments System

In furtherance of the objective and commitment to promote a strong and credible payment system in Nigeria, the Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New...
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...
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...
SEC Statements on Digital Assets

Securities and Exchange Commission’s Statement on Digital Assets

Previously, digital assets such as cryptocurrencies and tokens were unregulated in Nigeria, with regulators taking a cautious approach, and urging the public to tread carefully when investing in such assets.
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...
IMTS

Guideline to the provision of International Money Transfer Services in Nigeria – Part B

In Part A of this two-part series on the provision of international money transfer services (IMTS) in Nigeria (access part A here), we considered the regulatory overview of IMTS in Nigeria, by...
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...
FIRS circular

FIRS Circular on the Implementation of The Value Added Tax Provisions in the Finance...

With the introduction of sweeping changes to the provisions of existing tax laws in Nigeria by the Finance Act 2019 (the Act), it has become necessary for the Federal Inland Revenue Service (the FIRS or...
Insurance banner

COVID-19: Impact on the Insurance Industry

With over two million confirmed cases, COVID-19 is no doubt the biggest challenge facing humanity today and it continues to transform the way we live and do business. Beyond the health crisis,...