About half of African unicorns–startups worth more than $1 billion are from Nigeria. That is not surprising and explains why people cannot stop talking about the startup space in Nigeria. Beyond the attention, startups have significant impacts on the economy, …
Author Archives: David
Policy Updates: Merchant Onboarding on Fundraising and Digital Money Lending/Consumer Finance Merchants
As a growing company, we’re always looking for ways to improve our processes, solutions and ecosystem. We’ve made some changes to how we approach onboarding and verification for businesses that use Flutterwave for lending and fundraising in certain countries. These …
Deep Dive: CBN’s Guidelines for Licensing and Regulation of Payments Service Holding Companies in Nigeria
Following the new license categorizations of participants in the Nigerian payments ecosystem, the Central Bank of Nigeria (CBN) requires that any company that intends to operate in more than one license category is to set up a Payments Service Holding …
Highlights and Implications of the Tanzania Finance Act 2021
On the 12th of June 2021, the Parliament of the United Republic of Tanzania passed the Finance Bill 2021 which was assented to by the President of Tanzania on the 30th of June 2021. Following the assent, The …
Explainer: Central Bank of Nigeria Issues Regulatory Framework on Mobile Money Services
On the 11th of July 2021, the Central Bank of Nigeria (CBN) issued a Regulatory Framework on Mobile Money Services in Nigeria. Mobile Money Services (MMS) involve the use of mobile phones for the initiation, authorization, and confirmation of …
Explaining SEC’s Proposed Regulatory Incubation Program
On the 16th of June 2021, the Securities and Exchange Commission (SEC) announced the initiation of its Regulatory Incubation Program (“the RI Program”) which started operations in Q3 of 2021.
The aim of the RI Program is to enable …
All you Need to Know as the EU Approves the Flow of Data to the UK
Starting 28th June 2021, data can now freely flow between the European Union (EU) and the United Kingdom (UK). This is thanks to the adoption of two “adequacy decisions” which facilitate the seamless transmission of data between countries in the …
New License Categorization Requirements for Payments Systems in Nigeria
Wherever you find money and technology mix, what you get is a lot of innovation and dynamism. As Financial Technology (FINTECH) keeps being popular the world over, and evolving, so do regulations and regulators.
Remember, regulators are here to protect …
7 Important Changes in the Finance Act 2020 (Updated Version)
The Finance Act 2020 (the “Finance Act”), is split into 7 parts. This is a review of the changes in the under-listed tax legislations;
- Capital Gains Tax Act
- Companies Income Tax Act
- Customs and Excise Tariffs etc (Consolidation Act)
- Personal
Key Revisions by the CBN to the Updated Guidelines for the Operation of E-Payment Channels in Nigeria
The Central Bank of Nigeria (CBN) on the 1st of June 2020, issued a circular informing the general public of updated Guidelines for the Operation of E-payment Channels in Nigeria (Revised Guidelines).
The CBN updated the Guidelines in order …