Regulatory report

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.