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ARTICLE · 17 DECEMBER 2020

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Categorisation Of Nigerian Payment Systems– What It Means For Fintechs

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The Nigerian financial technology (fintech) sector has made major strides over the last few years.

NigeriaTechnology
Davidson Oturu
Davidson Oturu
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The Nigerian financial technology (fintech) sector has made major strides over the last few years. However, one factor that has always befuddled investors and key stakeholders has been the absence of a comprehensive framework and licensing regime for fintechs in Nigeria.

What has been prevalent in the sector has been the introduction of multiple regulations and guidelines which makes it difficult for industry participants to easily identify the licences that apply to the activities they intend to provide.

However, this is set to change as on 10th December 2020, the Central Bank of Nigeria (CBN) issued a circular on "New License Categorisations for the Nigerian Payments System" (NPS Circular).

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