Nigeria: FinTech

Kenya and Nigeria are formalizing their digital asset markets through Virtual Asset Service Provider (VASP) licensing frameworks. While both countries require regulatory approval for crypto operations, their licensing categories, capital requirements, and compliance expectations differ significantly. Understanding these distinctions is essential for fintech founders and financial institutions seeking to enter or expand in these African markets.

On 2 February 2025, the Central Bank of Nigeria (CBN), published its Fintech Strategy Report, and even with frequent regulatory actions, this Report marks the first time the CBN has formally undertaken a wholesale...

An International Money Transfer Operator (IMTO) is a company approved by the Central Bank of Nigeria (CBN) to facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria.