If you have ever considered setting up a fintech platform in Nigeria, you will agree that the entry barrier into the fintech space has been raised high with increased share capital requirements to be deposited in escrow while applying for a CBN license, not to mention other regulatory requirements which must be followed to the...
One of the many benefits of the infiltration of technology into the finance sector in Nigeria is the ease and availability of options in carrying out financial transactions. Technological innovation within the sector has in addition brought about job creation opportunities for individuals and small businesses one of which is agency banking services. In this...
The late 20th century has witnessed the rise of Fintech companies in Nigeria that offers financial services which were originally exclusive to traditional financial institutions. Taking bearing from the likes of Remita, Paystack, Flutterwave, PiggyVest, Kuda Bank, etc. fintech companies are primarily known for using technology to improve financial services and increase access to finance. The...
Introduction The Securities and Exchange Commission (SEC) is the primary regulatory agency in the capital market in Nigeria. Before now, the common form of securities we were aware of were stocks, bonds, mutual funds, and Exchange Traded Funds (ETFs). However, with the evolution of blockchain and cryptocurrency transactions, most Nigerians are now investing in digital...
In other to enhance financial inclusion by increasing access to deposit and payment/remittance services to small businesses, low-income households and other financially excluded entities through high-volume/ low-value transactions in a secured technology-driven environment, the CBN in 2020 issued a guideline for PSBs in Nigeria (“the GUIDELINES”) spelling out the licensing requirements, mode of operation/business rules...
There is no doubt in our minds that the advent of mobile phones has opened consumers up to immense possibilities. From communications to financial transactions, our mobile phones has become a powerful device. To exploit the inherent benefits associated with mobile devices especially in the area of financial transactions, companies such as Paga, MTN’s MOMO,...
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