Tag: microfinance lawyers

The Federal Competition and Consumer Protection Commission (FCCPC) has announced the extension of the deadline for the compulsory registration of online money lenders in Nigeria. The FCCPC has recently focused on the activities of digital lenders in Nigeria especially the illegal lenders, over allegations of …

The Federal Competition and Consumer Protection Commission (“FCCPC”) has in the exercise of its powers under its enabling law, ventured into the regulation of digital lending business in Nigeria. Recently, in exercise of the powers conferred upon it by sections 17, 18 and 163 of …

1.0. Why Regulatory Sandbox and Which Fintech Company Should Participate in Regulatory Sandbox? In view of the growing demand for easier and cheaper payment solutions through disruptive technology in the financial services space, the Central Bank of Nigeria (CBN) has deemed it pertinent to ensure …

INTRODUCTION Agriculture is a business, a wealth creating sector. It is estimated that Africa may spend close to $110 Billion importing food unless food production is prioritized. According to Statista, Nigeria has vast potentials for thriving agricultural business with an arable land area of 34 …

The data on fintech payment released by the Nigeria Inter-Bank Settlement Systems (“NIBSS”) has revealed that payment transactions worth N33.2 trillion were performed electronically in August through the NIBSS Instant Payment platform (NIP). This brings the total value of e-payment deals in the last 8 months to N238.7 trillion! …

Micro-finance banks are fast growing credit companies in Nigeria with an edge of being deposit-taking institutions over and above the State-licensed money lending companies which are licensed only to lend money but not to process cash deposits from customers. According to the Nigerian Bureau of …

Unlike Lagos State, where the procedure for Money Lender’s license is quite bureaucratic and very formal, the procedure in Delta State is less formal and seamless for Applicants. Also, the timeline for completion of the process in Delta State is short. We have provided some …

IS THERE A SPECIAL LICENCE FOR A MONEY LENDER COMPANY IN GHANA? Yes. No person shall carry on the business of micro lending or finance business in anywhere within Ghana unless the Bank of Ghana licenses it to do so. Ghana is becoming a destination …

In the course of our engagement with clients, we have documented some of the frequently asked questions on money lender licensing process in Nigeria, which we consider can be a useful guide for any interested investors in the country’s consumer lending sector. Below are our …

Introduction A Micro Finance Bank (“MFB”) is a subsector company in the financial industry licensed by the Central Bank of Nigeria (“CBN”) to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to individuals …