Nigeria: FinTech

A CBN-licensed fintech company initiated a ₦10 billion lawsuit against Fidelity Bank over an alleged fraudulent chargeback, leading to complex interim proceedings.

The Central Bank of Nigeria's new rule limiting BVN-linked phone number changes to just once raises critical questions about balancing financial security with data subject rights. As phone numbers serve as essential authentication tools yet remain inherently changeable due to theft, loss, or compromise, this regulatory restriction may conflict with statutory rectification rights under data protection law.

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.

The rapid expansion of digital lending platforms in Nigeria has significantly improved access to short-term consumer credit.

Cross-border digital fraud, encompassing cryptocurrency theft, business email compromise, wire fraud and romance scams, has evolved into a sophisticated global phenomenon.

The publication of the Fintech Report (the "Report") by the Central Bank of Nigeria on February 2, 2026 represents a significant milestone in Nigeria's fintech regulatory landscape.

As agency banking continues to expand financial access in Nigeria, a common misconception is that a fintech must obtain a deposit-taking banking licence, often in the form of a microfinance bank (MFB) licence...

The enactment of the Investment and Securities Act, 2025 ushered in a new regime for the formal recognition and acceptance of cryptocurrencies in Nigeria with the implication that cryptocurrencies and other forms of virtual assets can now be legally traded in Nigeria.

The Investments and Securities Act ("ISA") 2025 marks a significant milestone in Nigeria's capital market regulation, coming into effect 18 years after the Investment and Securities Act 2007 (the "Repealed Act").