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ARTICLE · 05 AUGUST 2021

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Fintech Half-Year Review 2021 – Recent Regulatory And Legal Developments In Nigeria

AELEX
AELEX
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Since the beginning of 2021, there has been significant regulatory and legal developments in the framework for financial technology ("FinTech") in Nigeria.

NigeriaTechnology
Olubusola Oyeyosola Diya
Olubusola Oyeyosola Diya
Kehinde Takuro
Kehinde Takuro
Mubaraq Popoola
Mubaraq Popoola
Ifeoluwa Ebiseni
Ifeoluwa Ebiseni
Oluwapelumi Omoniyi
Oluwapelumi Omoniyi
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INTRODUCTION

Since the beginning of 2021, there has been significant regulatory and legal developments in the framework for financial technology ("FinTech") in Nigeria. Regulators have been keen on engaging with the FinTech ecosystem and have released several circulars, guidelines, regulations, etc. regulating FinTech entities and setting licensing determinations. These include the Regulatory Framework for Open Banking in Nigeria, the new licensing requirements for payments service providers, the framework for the regulatory sandbox for payment systems and other significant regulations.

In this report, we examine the developments in the first half of 2021 and consider the impact these regulations have had on the FinTech Ecosystem.

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