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 or limited banking services through digital platforms. Digital banks have become appealing to Nigerian consumers for different reasons including low or zero transaction fees, and the attendant convenience, etc.

In this Article, we examine the activities of digital banks in Nigeria and the extant regulatory framework applicable to the challenger banks. This Article is further divided into two parts, Part A, explores digital banking in Nigeria, particularly the key drivers for and challenges facing the adoption of digital banking, while Part B, examines the types of digital banks in Nigeria from an operation and regulatory perspective while also highlighting regulatory recommendations that may be adopted to deepen the digital banking offerings in Nigeria.

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