Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 30 MARCH 2023

Market Intelligence Thought Leadership Award Winner

Key Fintech Trend From 2022 And The Outlook For 2023

Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
Contributor
Udo Udoma & Belo-Osagie

Udo Udoma & Belo-Osagie

Udo Udoma & Belo-Osagie (UUBO) is a full service, multi-disciplinary law firm that is focused on...

View firm profile
Explore more from Udo Udoma & Belo-Osagie

In Nigeria, the year 2022 was an interesting year for regulators and Fintechs alike. The Fintech space in Nigeria

NigeriaTechnology
Yinka Edu
Yinka Edu
Joseph Eimunjeze
Joseph Eimunjeze
Pamela Onah
Pamela Onah
Damilola Adedoyin
Damilola Adedoyin
Oluwatobi Akintayo
Oluwatobi Akintayo
Precious Onyebuchi David
Precious Onyebuchi David
Itoro Etim
Itoro Etim
Author LinkedIn connections

In Nigeria, the year 2022 was an interesting year for regulators and Fintechs alike. The Fintech space in Nigeria experienced some regulatory changes in position that we believe will have significant impact on the ecosystem over the course of 2023 and beyond. We have highlighted in this update some of these regulatory changes in various sub-sectors of the Fintech ecosystem and what we believed would be the impact of those regulations.

1. Introduction of a Domestic Card Scheme

In October 2022, the Central Bank of Nigeria ("CBN") announced the launch of a national domestic card scheme ("Card Scheme") which was launched and also became effective on 26th January, 2023. According to the CBN, the move to create the Card Scheme is in line with one of its mandate to promote stability, inclusion, and growth in the financial and payment system. The Card Scheme will be delivered through the Nigeria Inter-bank Settlement System Plc ("NIBSS") in conjunction with the

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.

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

SEC’s Guidelines On Revised Minimum Capital Requirements For Capital Market Operators

Nigeria's Securities and Exchange Commission has introduced new capital adequacy rules for fund managers and private capital participants, establishing tiered minimum capital requirements based on assets under management. The guidelines clarify what constitutes qualifying capital, outline compliance pathways including cash injection and securities transfer, and set a June 2027 deadline for full implementation.
NigeriaFinance and Banking
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
Article

Power Sector Updates - August 2026

Nigeria's power sector experienced significant regulatory and industry developments in August 2026, including NERC's intervention in Kaduna Electricity Distribution Plc, the transfer of regulatory oversight to state commissions, and the launch of a Renewable Asset Management Company. These developments demonstrate the continuing implementation of Nigeria's decentralised electricity market framework and increased regulatory intervention in distressed distribution businesses.
NigeriaStrategy
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
Article

An Overview Of The Tax Treatment Of Collective Investment Schemes Under The Nigeria Tax Act 2025 And The Nigeria Tax Administration Act 2025

Nigeria's tax landscape has transformed with the Nigeria Tax Act 2025 and Nigeria Tax Administration Act 2025, introducing a comprehensive framework for collective investment schemes. These reforms consolidate previously fragmented tax provisions, exempt dividends from authorised CISs, and create greater certainty for fund managers, trustees, and investors in Nigeria's capital markets.
NigeriaTax
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie
Article

Issuing Foreign Currency Denominated Securities In Nigeria: Regulatory Framework, Constraints And Implementation Considerations

The Nigerian Exchange Group has unveiled plans to allow Nigerian companies with significant foreign exchange revenue and free trade zone enterprises to issue and list bonds and stocks denominated in US Dollars. This initiative aims to provide an avenue to meet the foreign exchange needs of such companies while enhancing investment opportunities in Nigerian capital markets.
NigeriaFinance and Banking
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie