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...

Newsletter on the Revised MMO Guidelines and Regulatory Framework

In an effort to reflect the current operational realities of Mobile Money Operators (MMOs) in Nigeria, the Central Bank of Nigeria (CBN), on 09 July 2021, issued an updated Regulatory Framework for...

GUIDELINES ON SHARED SERVICES ARRANGEMENTS FOR BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA

The Central Bank of Nigeria (CBN) recently issued the Guidelines on Shared Services which apply to financial institutions (including Fintech companies). Specifically, the Guidelines regulate the shared services arrangements...

SEC RULES CREATE A NEW LICENSE CATEGORY FOR DIGITAL SUB-BROKERS

The Securities and Exchange Commission (SEC) recently created a new category of operators in the capital market by creating a new licence category for Digital Sub-Brokers. This move is...

Newsletter on the Regulatory Framework for Non-Bank Acquiring Services in Nigeria

In 2020, the Central Bank of Nigeria (CBN) issued the Circular on New Licence Categorisation for Nigerian Payments System wherein the CBN signaled that the scope of permissible activities of Switches and...

New Approved License Categorizations Requirements for the Nigerian Payments System

Following the Central Bank of Nigeria (CBN)'s issuance of a Circular on the New Licence Categorisation for the Nigerian Payments System in December 2020, the apex bank has now published a consolidated...

FAQ on Fintech Acquisitions of Microfinance Banks

Due to the absence of a definitive regulatory framework on digital banking in Nigeria, Fintechs have devised alternative means for offering certain banking services. As Microfinance banks (MFBs) are permitted to offer...
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...
Data Protection

Frequently Asked Questions on Data Protection Audit

The National Information Technology Development Agency (NITDA) recently announced an extension of the deadline for companies to file data protection audit reports with NITDA to 30 June 2021 (from 15 March 2021).In this Newsletter,...
OA deals

OALP – Enabling Partnerships across Africa

“At Olaniwun Ajayi LP, we believe in enabling partnerships, and are happy that our Technology, Innovation and Fintech team has been part of the implementation of the strategic partnership between Flutterwave and...