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

In Part A of this Article, we examined the value proposition and factors driving the adoption of digital banking in Nigeria including the challenges facing the sector. Part B of the Article explores the types of digital banks in Nigeria from an operational and regulatory perspective. This analysis gives insight on how fintech companies operating in the digital banking sector in Nigeria have devised creative alternatives to offer digital banking products in the absence of the requisite licence from the applicable regulator. We conclude this two part series by highlighting certain regulatory recommendations that may be adopted to deepen the growth of digital banking in Nigeria.


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