Nigeria: FinTech

Nigerian fintech startups navigate a complex regulatory landscape involving the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigeria Deposit Insurance Corporation.

Fraud has evolved beyond traditional boundaries, leveraging digital finance and global commerce to enable sophisticated cross-border crimes that can be executed remotely in minutes. Modern fraudsters exploit technological advances and interconnected financial systems to move stolen funds across jurisdictions with unprecedented speed and anonymity.

Nigeria's open banking framework promises to transform digital lending through secure, consent-driven financial data sharing. As the phased rollout approaches mid-2026, lenders face both opportunity and obligation: faster credit decisions, better risk assessment, and new product possibilities, alongside stricter compliance requirements and infrastructure dependencies that will reshape competitive dynamics across the sector.

The first era of Nigerian fintech rewarded speed. Companies that could process payments faster, designed cleaner interfaces, and deliver smoother onboarding captured users and attracted capital.

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.

Nigeria's fintech sector has entered a critical phase of regulatory maturation. Regulatory activities in Nigeria's financial technology ("Fintech")...

In January 2026, the Nigerian Securities and Exchange Commission (the "Commission") issued a circular that significantly increased the minimum capital requirements for Capital Market Operators (CMOs).

On 16 January 2026, the Securities and Exchange Commission ("SEC" or "the Commission") issued Circular No. 26-1 pursuant to its regulatory powers under the Investments and Securities Act, 2025.