Introduction
Nigeria is one of the major players in the financial services
industry and has consistently experienced rapid growth in the
financial technology ("Fintech") subsector. This has
necessitated the development of regulation of the growing
sub-sector.
The year 2022 was an eventful year for the Fintech space in
Nigeria, and various regulators released legislation and
operational guidelines to provide security and protection for
consumers who continuously embrace innovation in the ecosystem.
In this article, we highlight some salient regulations issued in
2022 in connection with the Nigerian fintech terrain.
Highlights
1. Cryptocurrency: The Securities and
Exchange Commission ("SEC") issued rules
to regulate companies doing crypto-related businesses in Nigeria.
This regulation is applicable to companies which issue, trade, and
facilitate the exchange, transfer, or sale of digital assets. The
regulation of cryptocurrency in Nigeria has been long
