Tag: Finance company Koriat lawyers Koriat and co

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 …

Doing business in Nigeria is easy if business promoters are properly guided on the requirements for company incorporation, licensing procedures, applicable taxes and related costs. For example, as parts of the efforts of the Federal Government of Nigeria to promote investment opportunities, the Business Facilitation …

The Ministry of Home Affairs and Tourism (“Ministry”) of the Lagos State Government has renewed the operational licence for digital lending business for our client, Igho Finance Limited. This renewal of the digital lending licence is a confirmation of the company’s compliance with regulatory standards …

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 …

What is a non-interest bank or financial institution? A non-interest bank or other financial institution is one of the specialized institutions that can be licensed by the Central Bank of Nigeria (“CBN”), as complements of the conventional banking system, to undertake banking, trading, investment and …

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 …

The Federal Competition and Consumer Protection Commission (“FCCPC”) has announced its decision to begin to receive applications for registration of new digital money lending companies in Nigeria. On August 18, 2022, the FCCPC, as part of its Joint Regulatory and Enforcement Task Force (“JRETF”), introduced …

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 …