Nigeria: Financial Services

When the Central Bank of Nigeria revoked the operating licences of 46 microfinance banks in July 2026, fintech companies relying on these institutions for customer accounts and settlement infrastructure faced immediate operational disruption. This analysis examines the regulatory grounds for revocation, the deposit insurance framework administered by the NDIC, and the critical due diligence and resilience measures fintech companies must implement when their products depend on regulated banking partners.

Nigeria's Central Bank has issued new Baseline Standards requiring financial institutions to implement automated anti-money laundering solutions capable of real-time detection and reporting of suspicious activity.

Private equity, venture capital, and private credit markets in Nigeria are evolving rapidly, with disclosed deal values surging 84% to US$810.7 million in 2025. While venture capital dominates transaction volume and value, private debt is expanding its role in working capital, acquisition finance, and infrastructure. The critical question is not whether capital can enter Nigeria at scale, but whether it can stay, perform through cycles, and ultimately return to investors as distributions.

Nigeria is modernizing its financial markets through two major regulatory developments: a Presidential Executive Order establishing coordinated oversight of virtual assets, and proposed SEC rules governing cross-border securities trading. These reforms aim to create a more transparent investment ecosystem while balancing innovation with investor protection and regulatory clarity.

Nigeria has taken another significant step towards bringing virtual assets, cryptocurrency businesses and blockchain-enabled financial services within a more coordinated regulatory framework. President Bola Ahmed Tinubu's Presidential Executive Order on Virtual Assets Coordination, 2026 should not be viewed as another attempt to prohibit digital assets. Nor does it replace the existing powers of the Central Bank of Nigeria, the Securities and Exchange Commission (SEC), the Nigeria Revenue Service or other relevant agencies.

The Central Bank of Nigeria has mandated that all payment transaction data generated within the country must be stored locally by January 2027, marking a significant shift in how financial institutions handle sensitive information. This directive raises critical questions about Nigeria's infrastructure readiness and the practical steps banks, mobile money operators, and payment providers must take to comply. With less than six months until the deadline, organizations face urgent decisions about data governa

The Central Bank of Nigeria (CBN) has published for consultation its Exposure Draft of the Guidelines on Ring-Fencing Operations of Closely Linked Entities in the Nigerian Financial System. While the Guidelines are not yet in force, they signal a significant shift in the CBN's regulatory expectations for financial services groups operating multiple licensed entities.

Nigeria's Central Bank has introduced sweeping data localisation requirements that will fundamentally reshape how payment service providers, banks, and financial institutions handle transaction data. With a January 2027 compliance deadline, these new rules mandate that all payment transaction data generated within Nigeria must be stored and managed locally, raising critical questions about cloud infrastructure, vendor relationships, and operational readiness. This analysis examines the scope of the requirem

Understanding the regulatory framework surrounding Politically Exposed Persons (PEPs) is crucial for companies operating in Nigeria's financial and business sectors. This publication examines the legal definition of PEPs under Nigerian law, identifies who qualifies for this designation, and outlines the enhanced due diligence obligations that financial institutions and businesses must implement when dealing with these high-risk individuals.