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Newsletter on the CBN Draft Operational Guidelines for Open Banking in Nigeria

In February 2021, the Central Bank of Nigeria (CBN) released the Regulatory Framework for Open Banking in Nigeria (the Open Banking Framework) which establishes principles for data sharing across the banking and...

Newsletter on the New SEC Rules on Issuance, Offering Platforms and Custody of Digital...

In April 2022, the Securities and Exchange Commission (the SEC) released its Proposed Rules on the Registration of Virtual Asset Service Providers and the Proposed Rules on the Issuance, Offering Platforms and...

Newsletter on SEC Proposed Rules on Issuance, Offering Platforms and Custody of Digital Assets

The Securities and Exchange Commission (SEC) has recently issued its Proposed Rules on Issuance, Offering Platform and Custody of Digital Assets (the Proposed Rules). This is following the SEC’s press release in...

Newsletter on SEC Proposed Rules for Registration of Virtual Asset Service Providers

In 2020, the Securities and Exchange Commission (SEC) expressed its intention to regulate the virtual assets when it released the “Statement on digital assets and their Classification and Treatment”. However, following the...

NEWSLETTER ON THE DRAFT GUIDELINES FOR THE REGISTRATION AND OPERATION OF BANK NEUTRAL CASH...

In a bid to reduce cost and improve operational efficiency in the country’s cash management value chain and to promote a sound financial system in Nigeria, the Central Bank of Nigeria (CBN)...

FAQs on the Pan-African Payments and Settlement System

In 2021, we witnessed the commencement of trade under the African Continental Free Trade Area (AfCFTA) regime as many countries in Africa ratified the AfCFTA treaty with the aim to boost the...

Newsletter on the CBN Revised Regulatory Framework for Bank Verification Number (BVN) Operations and...

Pursuant to a circular dated 12th October 2021, the CBN has issued a revised Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry (the Revised Regulatory Framework).

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...

Digital Banking in Nigeria: The State of Play and Legal Framework

In recent times, the country has witnessed the rise of a new category of fintechs, digital banks, also known as challenger banks or neo-banks. These are institutions leveraging technology to offer full...

Newsletter on the new CBN Supervisory Framework for Payment Service Banks in Nigeria.

In addition of the Guidelines for the Licensing and Regulation of Payment Service Banks (PSBs) by the Central Bank of Nigeria (CBN) in 2018 and revised in 2020, the CBN has yet...