Nigeria: FinTech

As financial technology reshapes how consumers and businesses manage money, a century-old banking duty is gaining new relevance. The Quincecare duty requires financial institutions to pause suspicious payment instructions—but how does this obligation apply when traditional banks serve merely as infrastructure beneath fintech platforms? This analysis explores the duty's evolution from English case law through its modern application in layered payment systems.

Nigeria continues to lead as Africa’s Fintech powerhouse, and the country’s apex financial regulator, the Central Bank of Nigeria (“the CBN”) has taken a formidable supportive stand.

The rapid evolution of digital finance has amplified the need for regulatory frameworks. Transformative technologies such as cryptocurrency e.g. stablecoins, amongst others, are already used for payments, remittances and cross-border settlements.