Technology Regulatory Report Q1 2024
The first quarter of 2024 witnessed a significant amount of regulatory activity within the fintech industry, marked by the issuance of numerous laws, regulations, frameworks, circulars, draft instruments, and more. We have compiled a summary of these instruments in the Perchstone & Graeys Tech Regulatory Report for Q1 2024.
Perchstone & Graeys Tech Regulatory Report for Q2 2023
The second quarter of 2023 was remarkable due to the change in government in Nigeria at
the national level following the last general elections. In this report, we highlight fintech-
related laws, regulations, frameworks, circulars, draft instruments, etc. which were issued
by regulators in the second quarter of 2023.
Tech Regulatory report Q4 2023
The year 2023 marked another historic period for Nigeria, serving not only as an election year
but also witnessing a surge in regulatory activities within the fintech sub-sectors. Notable
among these initiatives is the CBN Circular dated June 22, 2023, titled “Guidance Note on
Politically Exposed Persons (PEPs),” which introduces measures to mitigate potential money
laundering. Additionally, the CBN issued a Press Release to Authorized Dealers and the public
in June 2023, announcing operational changes to the Nigerian Foreign Exchange Market.
These changes resulted in the consolidation of all segments in the foreign exchange market in
Nigeria into the Investors’ and Exporters’ Window (I&E Window). Other significant
developments include the enactment of the Nigerian Data Protection Act, 2023, the
formalization of the Copyright Act 2022, and the launch of the Licensing, Approvals, and
Other Requests Portal (LARP) for Micro-Finance Bank Licenses by the CBN.
The Hidden Faces: unveiling ultimate beneficial ownership in Nigerian entities
In the intricate world of corporate governance, understanding the nuances of significant control or ultimate beneficial ownership is akin to unravelling a well-guarded secret. This crucial aspect of the corporate governance has long been shrouded in mystery under the Nigerian corporate legal landscape. For decades, the identities of those who truly possess control and derive economic benefits from Nigeria entities have remained concealed, often shielded by layers of opaque entities and offshore structures. This lack of transparency has not only raised concerns about financial integrity and accountability but also hindered the country’s efforts to combat corruption, money laundering, and illicit financial flows.
This article delves into the labyrinth of a person with significant control or beneficial ownership, exploring its significance, regulatory landscape, and the measures Nigeria has put in place to foster transparency
Perchtone & Graeys Tech Regulatory Report for Q4 2023
As is our usual practice, here is a summary of relevant regulations, guidelines and circulars issued by regulators in the fintech space during the last quarter of 2023