Nigeria’s payment sector has witnessed significant growth over the past decade. Driven by financial inclusion, the sector has experienced rapid technological innovations. As payments solutions expands, payment solutions companies must navigate a complex regulatory landscape and also maintain efficiency, security and consumer protection. The Central Bank of Nigeria (“CBN”) being the regulator for this sector, continues to play a central role in shaping operations through licensing requirements, supervisory oversight, guidelines and policy frameworks. This article outlines key best practices for payment solutions companies operating in Nigeria with a focus on regulatory compliance. A foundational requirement for any payment solutions company … Continue reading BEST PRACTICES FOR PAYMENT SOLUTIONS SERVICE PROVIDERS: A REGULATORY PERSPECTIVE