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Is a foreigner required to satisfy special requirements for company incorporation in Nigeria? Yes. This is because any company with foreign participation cannot be categorized as a small company, which enjoys many exemptions from some of the incorporation requirements in Nigeria.  Prior to the enactment …

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 …

Is Employee’s Training Bond Valid in Nigeria? In the world of work, as the employers strive to improve the skills and competencies of their employees, they face great risk of potential loss of training costs and earnings when a trained employee decides to jump ship, …

Hospitality business is a flourishing business globally. According to PwC, Nigeria is one of the fastest growing hospitality markets with about 20% increase in 2018 and a projection of 12% compound annual increase in the hotel market in five years after 2018. Lagos is the …