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Anatomy of Nigerian Fintech Laws


What do we aim to deliver on our Anatomy of Nigerian FinTech Laws? Over time, we hope to reduce the knowledge gap in Nigeria’s FinTech space.

Segun has never activated UBA’s USSD (SMS) banking. Segun was robbed at Ikorodu in the morning and received over 500,000NGN debits alert when he accessed his email with his sister’s other phone. UBA’s virtual customer service attendant assisted Segun to place a PND (post-no-debit) on Segun’s bank account.

Early the following day, Segun stomped UBA’s nearest branch. The customer services officer informed Segun that UBA could not salvage funds from the beneficiary’s account. The robbers bought goods from Segun’s bank account in the open market.

Segun may successfully challenge the unauthorized transactions on his UBA. We had discussed the bank’s liabilities for USSD transactions here.

Segun’s neighbour, whose friend is a police officer wants Segun to petition the police. Of course, police officers will arrest – at Segun’s sole costs – the vendor that the robbers paid for the goods they bought through Segun’s bank account. The police officers will also arrest the agent-banker (the “POS agent”) that the robbers used the POS to cash-out.

We have seen police harass POS agents. We do not hope to wave a wand, and the knowledge gap will disappear. It will take clear and dedicated efforts.

Over time, we will contribute to the knowledge base in FinTech’s consumer protection, transactional, regulatory, compliance, and operations.

Our commentary will cover:

  • difference between traditional financial services and digital financial services
  • stakeholders in digital finance
  • types of digital banking and finance
  • protection of digital consumers in Nigeria
  • tips on reviewing a digital finance agreement
  • how POS agents can manage cashflow
  • white labelling as a fintech business model
  • how the CBN midwife’s Fintech
  • legal career in the fintech space
  • treads in resellers’ agreement in agency banking and digital finance
  • Fintech’s licencing regimes
  • governance for start-ups and doing the numbers
  • access to BOI facility and other investors, and lots more.

Publishing these commentaries every two weeks may seem long, but for us, it is not. You may encourage us by sharing any piece you like on social media.

See you in 2 weeks.

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