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 unlawful debt recovery procedures. In view of the country’s huge population, relative political stability, technology infrastructures and friendly business environment, Nigeria remains a choice destination for doing business in Africa. However, just like in the Nigerian gaming sector, there are two-level licensing regimes for digital lending business in Nigeria, namely: money lender by the local … Continue reading FINTECH LENDING UPDATES IN NIGERIA (APRIL 2023)