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.
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Policy & Regulations
Regulatory Compliance
December 11, 2023
Disconnecting Switching Companies, PSSPs, Super Agents, and Others from NIBSS Instant Payment (NIP) Outward Transfer Platform
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
Tech Entrepreneurs
August 26, 2021
NITDA fines Sokoloan N10 Million for privacy invasion: Lessons for Businesses that Control Personal Data in Nigeria
by Gabriel Eze, Associate Privacy breaches by online lending platforms; the new normal that must be curbed? Data-privacy breaches by a number of online lending platforms in Nigeria appear to be the new normal that must be curbed… Read more
Blockchain Technology
Industry Insight
Regulatory Compliance
Technology Law
August 6, 2020
Deal or no deal, cryptocurrency transactions remain legal in Nigeria and environs.
In the inaugural edition of Blockchain Street, we considered whether blockchain technology—a decentralized ledger technology which has been described as a ‘trustless technology’—can really solve the problem of trust in a centralized world. In the month of July, we consider the.. Read more
Intellectual Property
January 11, 2018
Did Equity Bank & Safaricom unduly profit from another man’s mobile-banking idea? Lessons for Tech Entrepreneurs, Banks, and Software Companiesc
IP Matters: Week 2 Hoswell Njuguna claimed he created Weka Usaidike, a concept of saving money on a mobile phone. He confidentially discussed this concept with Equity Bank, hoping to partner with the bank to develop the concept who then.. Read more
Industries & Growth
Industry Insight
Intellectual Property
IP & IT Advocacy
Startups
Tech Entrepreneurs
Technology Law
November 13, 2017
Fintech Industry⸺the Market, the Legal & Regulatory Framework, and Intellectual Property Protection
Introduction Fintech (Financial Technology) is the new technology and innovation that aims to compete with traditional financial institutions in the delivery of financial services. In other words, Fintech companies leverage on technology to deliver services similar to that offered by.. Read more