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
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...