The Central Bank of Nigeria (CBN) is the country's apex monetary authority, established by the CBN Act of 1958 and officially commencing operations on July 1, 1959
What the National Fintech Regulatory Commission Bill means for innovation
The National Fintech Regulatory Commission Bill proposes a unified body to oversee all fintech activities in Nigeria. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) currently provide strong regulatory support for fintech growth.
Nigeria opens the door to crypto, but still keeps major exchanges offline
Nigeria has legally recognized cryptocurrencies and established a licensing framework for crypto businesses. In February 2024, the Nigerian Communications Commission directed telecom providers to block access to major cryptocurrency platforms.
Nigeria Moves to Create Single Regulator for Fintechs
The Nigerian Fintech Regulatory Commission (NFRC) is proposed to serve as the single authority for licensing and overseeing fintech activities. The bill aims to simplify Nigeria's complex fintech regulatory environment currently managed by multiple agencies.
Nigeria moves to create single powerful regulator for fintechs with proposed bill
The Nigerian Fintech Regulatory Commission (NFRC) is proposed to regulate all fintechs in Nigeria. The NFRC will replace the current oversight by multiple agencies, creating a single gateway for compliance.
Nigeria and South Africa are off the FATF grey list, and remittance fintechs just got a confidence boost
Nigeria and South Africa have exited the FATF grey list, potentially unlocking new remittance flows and foreign investment. The FATF's decision follows improvements in anti-money-laundering measures by both countries.
