Following the introduction of the Nigeria Startup Act 2022 (NSA), the National Council for Digital Innovation and Entrepreneurship (Council) was eventually inaugurated in April 2023. But the effective implementation of the NSA has been a major concern. In this article, Gabriel Eze, associate at Infusion Lawyers, considers the imperatives for Nigeria’s startup ecosystem.
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Regulatory Compliance
Updates & Headlines
September 4, 2024
Regulatory Update: NCC announces 14 September 2024 as final deadline for NIN-SIM linkage: What You Need to Know
Blockchain Technology
Policy & Regulations
Regulatory Compliance
September 2, 2024
Regulatory Update: SEC’s Approval-in-Principle for ARIP Applicants
Favour Uche, Associate On 29 August 2024, Nigeria’s Securities and Exchange Commission (SEC) announced the granting of “Approval-in-Principle” to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, under its Accelerated Regulatory Incubation Program (ARIP). The approval granted.. Read more
Data Protection and Privacy
Policy & Regulations
Regulatory Compliance
August 31, 2024
NDPC’s ₦555.8 Million Fine against Fidelity Bank over Alleged Data Privacy Violation: Insights and Lessons
The Nigeria Data Protection Commission (NDPC) has reportedly fined Fidelity Bank the sum of ₦555.8 million for data-privacy violations. In this piece, Pamela Victor-Ibitamuno, associate at Infusion Lawyers, shares insights and lessons for data controllers and data processors.
Blockchain Technology
Policy & Regulations
Regulatory Compliance
April 9, 2024
A Comprehensive Guide on Digital Asset Exchanges in Nigeria: Registration and Operation under the Securities and Exchange Commission Rules
Favour Uche, Associate PDF version downloadable here. 1.0. Introduction The emerging virtual asset ecosystem, including cryptocurrencies and digital assets, has seen remarkable growth in adoption in Nigeria over the years, attracting regulatory attention. As the leading African country in.. Read more
Policy & Regulations
Regulatory Compliance
December 11, 2023
Disconnecting Switching Companies, PSSPs, Super Agents, and Others from NIBSS Instant Payment (NIP) Outward Transfer Platform
With immediate effect, Payment Solution Service Providers (PSSPs), Super Agents (SAs), Switching Companies (Switches), and others are to be disconnected from outward payments on the NIBSS Instant Payment (NIP) platform.
Policy & Regulations
Regulatory Compliance
August 3, 2023
Understanding the Nigeria Data Protection Act 2023: Obligations of Digital Platforms and Businesses
The objective of this article is to provide a general understanding of the NDPA, highlighting its provisions from five perspectives, namely constitutional, legal & regulatory, administrative, technical/organizational, and economic perspectives. I also point out the NDPA’s relationship with previous and other similar legislation. Finally, I outline obligations digital platforms and businesses must comply with in order to safely do business in Nigeria’s growing digital economy.
Regulatory Compliance
June 7, 2023
Why digital money lenders should take advantage of FCCPC’s interim guidelines to obtain approval in Nigeria
The Federal Competition and Consumer Protection Commission (FCCPC) released a list of approved digital money lenders in Nigeria on 25 May 2023. Titled ‘The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022’, the list was published on FCCPC’s website.
In one of our previous updates, we reported that the FCCPC issued the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022 (the ‘Digital Lending Framework and Guidelines’). The purpose of this is to protect consumers from “loan sharks” in Nigeria’s digital lending space. This is by virtue of the FCCPC’s statutory duty to protect and promote the interest and welfare of consumers. One of the ways the FCCPC does this is by ensuring the adoption of measures that guarantee that goods and services are safe for intended use. And it is quite commendable to see the support Google has been giving to the FCCPC by ensuring that these “loan sharks” are taken off the Play Store.
Data Protection and Privacy
Regulatory Compliance
Updates & Headlines
March 23, 2023
Regulatory Update: Nigeria Data Protection Bureau (NDPB) extends deadline for Data Compliance Audit Returns to 30 June 2023.
The deadline for filing the Data Compliance Audit Returns for the year ended 2022 in Nigeria has been extended to 30 June 2023 by the Nigeria Data Protection Bureau (the “NDPB”). This means Data Controllers and Data Processors who have not filed their returns before the regular and statutory deadline of 15 March of every year now have ample time to do so.
Corporate Law & Practice
Regulatory Compliance
Updates & Headlines
March 20, 2023
Regulatory Update: Mandatory use of National Identification Number (NIN) for applications to the CAC in Nigeria
From 1 March 2023, the National Identification Number (NIN) shall be the only acceptable mode of identification for all processes to be filed at the Corporate Affairs Commission (“CAC” or “the Commission”). Consequently, applicants shall be required to enter their NIN in the appropriate fields on the appropriate online-application form provided via the CAC portal.
Industry Insight
Regulatory Compliance
March 16, 2023
Digital Money Lending and Loan Sharks: Complying with the new registration requirements in Nigeria
In this piece, I discuss the investigations of digital money lenders or loan apps and the regulatory measures taken by relevant regulators to curb loan sharks. For both existing and intending digital money lenders, requirements of the FCCPC Framework and deadline for obtaining FCCPC’s approval are also discussed. In addition to other applicable regulatory requirements for digital money lenders in Nigeria, digital money lenders are strongly encouraged to comply—and timeously too—with the registration regime introduced by the FCCPC.