Category: Fintech Business

Cross-border payment services in Nigeria are regulated by the Central Bank of Nigeria (CBN), the apex bank in charge of the financial services regulation in the country. The International Money Transfer Operators (“IMTO”) licence of the CBN is required for the provision of cross-border payment …

Trademark, in a simple term, is a word, symbol, device, or any combination used to identify a particular product thereby distinguishing it from other products. It confers a legal right on the holder and prohibits others from making use of that particular word or symbol …

Behind every timeless tune and chart-topping hit lies a web of legal intricacies that determine who holds the copyright to a musical work. Copyright ownership in the realm of music is a complex aspect of the creative industry, mostly because it encompasses a wide range …

By 31st of December 2023, all existing loan companies’ licences in Nigeria will expire and all loan companies doing business in the country must reapply to to their respective licensing authorities for renewal of their operational licences, amongst other regulatory compliance obligations that they must …

How is a Loan Company regulated in Nigeria? A loan company, whether buy-now-pay-later (“BNPL”) or digital lender or cooperative society or whatever the design, is usually regarded as a money lender under a State’s Money Lenders Law in so far as it is providing micro …

The long wait is over! The Central Bank of Nigeria (“CBN”) has announced, in its Press Release of 20th September 2023, the unveiling of a new digital platform for submission of microfinance bank (“MFB”) licence applications, known as the CBN Licensing, Approval and Other Requests …

On 2nd of August, 2023, the Federal Competition & Consumer Protection Commission (“FCCPC”) issued a new directive that all previously approved digital money lenders in Nigeria must revalidate the information they submitted to the FCCPC. The foregoing means that existing loan companies in Nigeria must …

Federal Competition & Consumer Protection Commission (FCCPC) has permanently delisted three digital loan Apps belonging to Orange Loan Limited, Purple Credit Limited and another company which are licensed as approved Digital Mobile Lenders (“DMLs”) in Nigeria. According to the Commission, the deleted loan Apps were …

Doing digital lending business in Nigeria generally requires an operational licence that must be renewed annually in addition to fulfilling other regulatory compliance obligations if the company must remain compliant with the law. In Lagos State, for example, a company cannot operate a business of …

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 …