Does your organization procure compliance software merely to satisfy a check-box requirement, yet remain unable to demonstrate that the technology actually detects and prevents financial crime? There is a new framework by the Central Bank of Nigeria (CBN) which directly challenges this approach. The days of feature-based compliance and vendor-driven implementation are over. The CBN now demands demonstrable effectiveness for all financial institutions in Nigeria. Accordingly, the new framework shifts regulatory focus from paper-based compliance to real-time scrutiny. The CBN will no longer just audit written compliance policies; it will actively scrutinize the logic, process, capability, and security of the compliance technology itself.
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Regulatory Compliance
June 25, 2026
The End of Feature-Based AML Compliance: CBN’s New Baseline Standards for Financial Institutions, Fintechs, and VASPs in Nigeria
Regulatory Compliance
October 6, 2025
An Overview of the Quadruplet Tax Laws in Nigeria
In a landmark legislative overhaul in June 2025, Nigeria reformed its tax landscape. The reform built upon four interconnected laws, each with a distinct purpose: one that defines what is taxed; one that outlines how taxes are administered; one that establishes a new federal tax authority; and one that creates bodies for coordination and dispute resolution.
Industries & Growth
Regulatory Compliance
June 10, 2025
MultiChoice’s Right to Fix Prices for Its Services: A Landmark Decision and Win for Nigeria’s Free-market Economy
Every few months, Nigerians brace for price hikes from essential service providers. For many, it sparks frustration, with cries for regulatory intervention. But the recent Federal High Court judgment delivered by Honorable Justice James Omotosho does more than address a subscription fee. The judgment draws a defining line in Nigeria’s economic landscape: one that affirms the principles of a liberal market economy.
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
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.
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.