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.
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...

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...
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...

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...

The Nigeria Startup Act 2022: Highlights of its Framework and Notes on its Prospects

On 19 October 2022, the President of the Federal Republic of Nigeria gave his assent to the Nigeria Startup Bill 2021, effectively signing it into law as the Nigeria Startup Act 2022...
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...

TECH Digest for March

Olaniwun Ajayi LP presents its Technology News Highlights (Highlights) for March 2024.The Highlights summarise major events and developments in the technology sector last month, including notable fundraises within the tech industry.

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 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...