Tag: #moneylender

Introduction Payments Terminal Service Provider (“PTSP”) companies are some of the major drivers of the Nigerian payments sub-sector. According to a 2022 report by Insider Intelligence, Nigeria (with record 3.7 billion transactions) ranked 6th amongst top 10 countries in the world (and the 1st in …

The consumer lending sub-sector in Nigeria is rapidly growing in terms of the number of market entrants (over 200 loan companies operating in the country), the licensing requirements and regulatory changes introduced to address consumer complaints against some business malpractices like privacy rights violations and …

Just like in Nigeria and many other African countries, payment products and services are well regulated in Uganda by the country’s apex bank, the Bank of Uganda (“BoU”), through its National Payment System Department (“NPSD”). The NPSD oversees the national payment system of the country …

Uganda is increasingly becoming a destination not only for tourism but also Fintech businesses as digital lending businesses are springing up and thriving in the East African country of about 47 Million population (over 50% of which have mobile telephone and internet access) as well …

Our clients, Acetech Finance Limited has received provisional approval of the Federal Competition and Consumer Protection Commission (“FCCPC”) as digital money lending company in Nigeria. The FCCPC approval is based on compliance with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, established by …

Buy now, pay later (“BNPL”) is a credit arrangement in which a loan is offered to a customer (or “buyer”) at the point of sale to enable the buyer to purchase and take immediate possession of goods/services while repayment of the loan is fixed at …

We are happy to have represented Werner Monie Ltd, a newly incorporated money lender company, in successfully securing a money lender’s certificate and licence from the Edo State Government to undertake money lending business in Edo State.  Unlike Lagos State, where the procedure for a …

The Central Bank of Nigeria (“CBN”) has issued our Client, LibertyPay Limited, a fintech company in Nigeria, a Payment Solutions Service Licence to operate agency banking business in the country. Super-Agents are Fintech companies with the lowest capital requirement threshold (being N50 Million) in the …

There is major development on the Corporate Affair Commission (“CAC”) online portal which sets a new tune in the registration of companies in Nigeria. The CAC portal is now linked with the National Identity Management Commission (“NIMC”) portal to enforce the use of the National …

Introduction In Rwanda, Non-Deposit Taking Lending Financial Institutions (NDFI) are legal entities that regularly and principally performs financial services in the form of non-deposit taking lending services or related financial services. Unlike other financial institutions such as Banks and micro finance institutions, they do not …