2021 has been an active year for the FinTech Industry as the Nigerian public appears to be embracing technology solutions following the Covid-19 lockdown. There have also been significant regulatory and legal developments in the FinTech Industry. Regulators have been proactive in engaging with the FinTech ecosystem and have released several circulars, guidelines, regulations, etc.
To highlight a few of the many developments in the first half of 2021, the Central Bank of Nigeria issued its statements on cryptocurrency, and released a number of guidelines on payment systems and mobile money. The Securities and Exchange Commission also issued rules and guidelines on Digital Sub-Brokers and announced plans to regulate Robo-Advisors.
In this report by our Financial Technology Practice Group, we examine the developments in the first half of 2021 and consider the different regulations that have been released and their impact on the FinTech Ecosystem.
