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ARTICLE · 06 FEBRUARY 2023

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Fintech Review 2022 – Recent Regulatory And Legal Developments In Nigeria

AELEX
AELEX
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The financial technology space in Nigeria witnessed significant regulatory and legal developments in 2022.

NigeriaTechnology
Mubaraq Popoola
Mubaraq Popoola
Ifeoluwa Ebiseni
Ifeoluwa Ebiseni
Nenjom Asuk
Nenjom Asuk
Agboola Dosunmu
Agboola Dosunmu
Ademayowa Borokinni
Ademayowa Borokinni
Akintunde Agunbiade
Akintunde Agunbiade
Nengi Fubara
Nengi Fubara
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INTRODUCTION

The financial technology ("FinTech") space in Nigeria witnessed significant regulatory and legal developments in 2022. The Central Bank of Nigeria, (CBN), the Securities and Exchange Commission (SEC), the National Information Technology Development Agency (NITDA) and other relevant regulators were keen on engaging with the FinTech ecosystem. As a result, they issued several circulars, guidelines, regulations, etc. regulating FinTech entities and providing direction for the ecosystem.

A significant development in the FinTech and technology ecosystem was the enactment of the Startup Act 2022, which promises to be a gamechanger for startups in Nigeria. In this report, we examine the developments in 2022 and consider the impact these regulations have had on the FinTech ecosystem.

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