In light of recent developments aimed at strengthening Nigeria’s fintech sector, Ade Bajomo, President of FintechNGR, led a team from the Association’s Governing Council in an engagement with the Central Bank of Nigeria (CBN) to chart the way forward. Receiving the team at the CBN headquarters in Abuja, Philip Ikeazor, Deputy Governor, Financial System Stability, commended FintechNGR’s active advocacy efforts that have significantly improved the fintech ecosystem. The Central Bank emphasized the need for the

Central Bank of Nigeria (CBN) issued a circular some years back advising banks and other financial institutions to take note of its stance as regards the trade of cryptocurrency. In that circular, dated January 12, 2017, the CBN seemed to have recognized the emergence of Virtual Currency Payment Products and Services (VCPPS), its interaction with New Payment Products and Services (NPPS) and the rise of Virtual Currency Exchangers. Also contained in that circular were a

The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorizations for the Nigerian Payment Systems (NLC Circular), which has made it easier to identify the licenses that apply to the Nigerian Payments System. Under the NLC Circular payments system licensing has been streamlined into four: Switching and Processing; Mobile Money Operations (MMOs); Payment Solution Services (PSSs); and Regulatory Sandbox. The following include the permissible activities for each licensing