Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 04 AUGUST 2021

Market Intelligence Thought Leadership Award Winner

Fintech Update – CBN Issues New Regulatory Regime For Mobile Money Services In Nigeria

Banwo & Ighodalo
Explore more from Banwo & Ighodalo

On July 9, 2021, the Central Bank of Nigeria ("CBN") issued new twin regulations to govern mobile money services in Nigeria.

NigeriaTechnology
Seyi Bella
Seyi Bella

On July 9, 2021, the Central Bank of Nigeria ("CBN") issued new twin regulations to govern mobile money services in Nigeria. The regulations were issued in furtherance of the CBN's efforts at ensuring a robust and effective payments system in Nigeria, and in recognition of the vital role that mobile payment (through the use of mobile phones) plays as an effective driver of financial inclusion and the growth of commerce.

Titled: "Regulatory Framework for Mobile Money Services in Nigeria" and "Guidelines on Mobile Money Services in Nigeria", the new twin regulations are also built on the CBN's mandate to promote a sound financial system in Nigeria and facilitate the development of efficient and effective system for the settlement of transactions.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Virtual Asset Service Provider (VASP) Licences In Kenya & Nigeria - What You Need To Know

Kenya and Nigeria are formalizing their digital asset markets through Virtual Asset Service Provider (VASP) licensing frameworks. While both countries require regulatory approval for crypto operations, their licensing categories, capital requirements, and compliance expectations differ significantly. Understanding these distinctions is essential for fintech founders and financial institutions seeking to enter or expand in these African markets.
NigeriaTechnology
Pavestones
Pavestones
Article

NRS’ Guidelines On The Taxation Of Virtual Assets: Key Highlights, Implications And Compliance Obligations For Market Participants

Nigeria's Revenue Service has issued comprehensive guidelines establishing the country's first administrative framework for taxing virtual assets and cryptocurrency transactions. The new rules classify digital assets into six categories and outline detailed compliance obligations for individuals, companies, and Virtual Asset Service Providers operating in Nigeria's digital economy.
NigeriaTax
Banwo & Ighodalo
Banwo & Ighodalo
Article

Presidential Executive Order Boosts Virtual Assets Regulation In Nigeria

President Bola Ahmed Tinubu has signed a Presidential Executive Order establishing Nigeria's first coordinated national framework for virtual assets regulation. The Order creates a Virtual Asset Council comprising the CBN, SEC, NRS, NFIU and ONSA to harmonize oversight, clarify regulatory responsibilities, and eliminate fragmented supervision across digital asset activities. How will this institutional restructuring impact VASPs, market participants, and the broader Nigerian digital assets ecosystem?
NigeriaFinance and Banking
Banwo & Ighodalo
Banwo & Ighodalo
Article

Extending Public Performance Licensing Enforcement To Nigeria’s Silent Music Users

The Nigerian Copyright Commission has issued a stern warning to DJs about unauthorized music use, but a critical question emerges: what happens when music plays in supermarkets, gyms, airports, and hotels where no DJ is present? This analysis examines why Nigeria's copyright enforcement framework must extend beyond nightclub performances to capture the vast commercial music usage occurring daily across retail, hospitality, and public venues that currently operate in a regulatory blind spot.
NigeriaIntellectual Property
Banwo & Ighodalo
Banwo & Ighodalo