Nigeria
- Currency
- NGN
- Services available
- 5
- Obligations tracked
- 0
Regulatory landscape
Nigeria is the deepest fintech market in Africa and the most demanding to operate in. Payment activity is licensed by the Central Bank of Nigeria across distinct categories — Payment Solution Service Provider, Payment Terminal Service Provider, Switching and Processing, Mobile Money Operator, Payment Service Bank and International Money Transfer Operator — each with its own capital requirement and permissible activities.
Financial crime obligations sit under the Money Laundering (Prevention and Prohibition) Act 2022 and the CBN AML/CFT Regulations, with reporting to the Nigerian Financial Intelligence Unit through goAML. Professional services firms, including this one, are designated non-financial businesses and professions and register with SCUML.
Data protection is governed by the Nigeria Data Protection Act 2023. Annual compliance audit returns are filed through a Data Protection Compliance Organisation licensed by the Nigeria Data Protection Commission.
Banks, payment service providers and other financial institutions are also subject to the CBN Risk-Based Cybersecurity Framework, which carries its own annual return.
Regulators
- CBN
- NFIU
- SCUML
- SEC Nigeria
- NDPC
- NAICOM
- PENCOM
- FCCPC
- NDIC
- FRC
- CAC
Engagements available in Nigeria
| Service | Practice area | From |
|---|---|---|
| AML/CFT Gap Assessment and Remediation Roadmap | AML, CFT and Financial Crime | ₦5,600,000 |
| AML/CFT/CPF Policy and Procedures Manual | AML, CFT and Financial Crime | ₦8,000,000 |
| Enterprise-Wide ML/TF/PF Risk Assessment | AML, CFT and Financial Crime | ₦10,400,000 |
| CBN Risk-Based Cybersecurity Framework Assessment | Cybersecurity and Assurance | ₦11,200,000 |
| NDPA/NDPR Compliance Gap Assessment | Data Protection and Privacy | ₦5,600,000 |