Nigeria is cautiously optimistic about new fintech regulation

Author: Jimmie Franklin | Published: 14 May 2019

Local lawyers in Nigeria are "cautiously optimistic" about the country’s first fintech-specific regulatory framework. They’re positive that formal legislation can encourage growth and innovation.

At Lagos Fintech Week, Sam Okojere, director of the central bank’s payments system management department told an audience that developments are in line with "ongoing efforts to evolve a robust collateral management regime which will be proportionate to transactional level of participants within the payment system".

Additionally, Okojere clarified that the "consequences of the new regime are that both incumbents and new entrants will operate without unnecessary collateral burden".

This has led to an air of sanguinity in Lagos surrounding the industry, with local lawyers positive about the new guidelines and what they could mean for the industry.

Damilola Salawu, managing associate at Lagos firm Olaniwun Ajayi, said that "there is a lot of cautious optimism from players at the moment in terms...