{ "jurisdiction_id": "NG", "jurisdiction": "Nigeria", "url": "https://payments.gi/jurisdictions/nigeria/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 63, "source_register": 96 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/nigeria/#w1a-licensing-authorisation-market-access", "standing_position": "Nigeria operates a CBN-led, multi-tier, activity-based PSP licensing regime set by the December 2020 Licence Categorisation circular and the May 2021 capital requirements, anchored in BOFIA 2020 which classifies PSPs as Other Financial Institutions. Four principal non-bank categories exist — Switching & Processing, Mobile Money Operator (MMO), Payment Solution Service Provider (PSSP) and Payment Terminal Service Provider (PTSP) — plus Payment Service Banks (PSBs) and the Payment Service Holding Company (PSHC) structure for multi-licence groups. Critically only MMOs (and PSBs) may hold customer funds; PSSPs are technology/processing-only. There is no single EMI-style licence.", "findings": [ { "finding": null, "instrument_type": "CBN PSP Licence Categorisation Circular (9 Dec 2020)", "source": "CBN — National Payment System framework; PSP/Licensing categorisation (cbn.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN New Licence Requirements (21 May 2021)", "source": "CBN — Licensing framework for PSPs (SVF/PSSP/PSP) (cbn.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Licence Categorisation", "source": "https://www.tetraconsultants.com/jurisdictions/nigeria-service-provider-license/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Guidelines for Licensing & Regulation of Payment Service Banks", "source": "https://www.cbn.gov.ng/out/2020/ccd/approved%20reviewed%20guidelines%20for%20licensing%20and%20regulation%20of%20payment%20service%20banks%20in%20nigeria-27aug2020.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Payment Service Holding Company (PSHC) requirement", "source": "https://www.linkedin.com/pulse/overview-regulatory-framework-payment-service-psps-avwenaghagha [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/nigeria/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Conduct and safeguarding for Nigerian PSPs flow from the structural rule that only MMOs/PSBs hold customer funds, plus the CBN Consumer Protection Regulation 2019 and Consumer Protection Framework 2016. MMO customer balances are held in nominee/trust-style accounts and the unspent mobile-money float is insured by the NDIC up to the applicable coverage level. PSSPs and other non-fund-holding fintechs cannot hold funds, so they rely on bank/MMO partnerships. The CBN's Consumer Protection and Financial Inclusion Department (CPFD) supervises conduct, and the Nigeria Data Protection Act 2023 adds data-protection obligations.", "findings": [ { "finding": null, "instrument_type": "CBN Regulatory Framework & Guidelines for Mobile Money Services (July 2021)", "source": "https://www.goldsmithsllp.com/the-new-central-bank-of-nigeria-regulatory-framework-and-guidelines-for-mobile-money-services-in-nigeria/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Mobile Money Services Framework (July 2021)", "source": "https://www.cbn.gov.ng/Out/2021/CCD/Framework%20and%20Guidelines%20on%20Mobile%20Money%20Services%20in%20Nigeria%20-%20July%202021.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Consumer Protection Regulation 2019", "source": "https://www.nigerianjournalsonline.com/index.php/COOUJPPL/article/download/3959/3849 [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Nigeria Data Protection Act (NDPA) 2023 / BOFIA 2020 sanctions", "source": "https://manifieldsolicitors.com/licensing-in-nigerias-fintech-industry-understanding-the-cbns-framework/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w2-stablecoins-digital-money", "standing_position": "Nigeria's digital-money regime is bifurcated. E-money/payment digital balances sit under the CBN (MMO/PSB framework and the eNaira CBDC), while crypto and stablecoins fall to the SEC under the Investments and Securities Act (ISA) 2025, enacted 31 March 2025, which classifies virtual/digital assets as securities and makes the SEC the apex regulator for VASPs. Stablecoins are treated as securities where they represent investment interests, with issuer licensing, reserve backing and AML/KYC obligations; the SEC's Accelerated Regulatory Incubation Program (ARIP) is the sandbox/onboarding route. This reverses the CBN's 2021 banking ban, lifted via the December 2023 VASP account guidelines.", "findings": [ { "finding": null, "instrument_type": "Investments and Securities Act (ISA) 2025", "source": "Investments and Securities Act 2025 (signed 29 Mar 2025); SEC Nigeria as digital-asset regulator (sec.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ISA 2025 stablecoin classification", "source": "SEC Nigeria — Amended Digital Assets Rules (publ. 16 Dec 2024, eff. 30 Jun 2025) (sec.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN VASP Account Guidelines (Dec 2023)", "source": "SEC Nigeria — ARIP Framework for onboarding VASPs (12-month AIP) (sec.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "SEC Accelerated Regulatory Incubation Programme (ARIP)", "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/nigeria/trends-and-developments [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN VASP Bank Account Guidelines", "source": "https://www.cbn.gov.ng/AboutCBN/Reforms.html", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience is governed primarily by the CBN Risk-Based Cybersecurity Framework, first effective 1 January 2019 for DMBs/PSPs and replaced by a May 2024 version for DMBs and Payment Service Banks (with a separate 2022 OFI framework), structured around governance/oversight, risk management, operational resilience, metrics/monitoring/reporting and statutory compliance. It mandates a board-level CISO, annual cybersecurity self-assessment by 31 March, and incident reporting to the CBN within 24 hours. The financial sector is designated Critical National Information Infrastructure, and the framework reads with BOFIA 2020 and NDPA 2023.", "findings": [ { "finding": null, "instrument_type": "CBN Risk-Based Cybersecurity Framework for DMBs and PSBs (May 2024)", "source": "https://www.cbn.gov.ng/Out/2024/BSD/CBN%20Risk-Based%20Cybersecurity%20Framework%20for%20DMBs%20and%20PSBs_2024.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Risk-Based Cybersecurity Framework (2018, eff. 2019)", "source": "https://www.cyberkach.com/2020/04/25/cbn-framework [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Cybersecurity Self-Assessment Tool (CSAT) circular, 30 Mar 2026", "source": "https://businessday.ng/news/article/cbn-gives-banks-three-weeks-to-deploy-cybersecurity-self-assessment-tools/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "National Cybersecurity Policy Part 7.5 / NCII designation", "source": "https://tnp.com.ng/insights/dissecting-the-central-bank-of-nigeria-risk-based-cybersecurity-frameworks-and-guidelines-for-deposit-money-banks-and-payment-service-providers [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w4-scheme-network-compliance", "standing_position": "Card and POS rails are governed by the CBN Guidelines on Operations of Electronic Payment Channels in Nigeria (2020), the POS Card Acceptance Guidelines, the Card Issuance & Usage Guidelines and the 2016 Interchange Fee circular, all enforced by the CBN with NIBSS as the central infrastructure operator. Three main card schemes operate (Visa, Mastercard and the domestic Verve by Interswitch), now joined by the CBN/NIBSS-backed national domestic scheme AfriGo (launched January 2023) to cut FX leakage. Only CBN-licensed institutions may be acquirers; PCI DSS, EMV chip-and-PIN and PA-DSS are mandated; and merchants are prohibited from surcharging cardholders. NIBSS was sole Payment Terminal Service Aggregator until Unified Payments was licensed as a second PTSA in April 2024.", "findings": [ { "finding": null, "instrument_type": "CBN Guidelines on Operations of Electronic Payment Channels (2020)", "source": "https://www.cbn.gov.ng/out/2020/ccd/reviewed%20and%20approved%20guidelines%20on%20operations%20of%20electronic%20payment%20channels%20in%20nigeria%202020.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN POS Card Acceptance Guidelines", "source": "https://www.cbn.gov.ng/cashless/POS_GUIDELINES_August2011_FINAL_FINAL%20(2).pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "AfriGo national domestic card scheme", "source": "https://pavestoneslegal.com/regulatory-update-the-central-bank-of-nigerias-national-domestic-card-scheme/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PTSA licensing / Sept 2024 routing circular", "source": "https://pavestoneslegal.com/fintech-regulation-in-nigeria-cbn-directives-on-payment-terminal-services/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN Circular on Implementation of Interchange Fee (2016)", "source": "https://www.cbn.gov.ng/PaymentsSystem/", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w5-payment-corridor-dynamics", "standing_position": "Nigeria's principal corridors are diaspora inbound remittances (≈US$20.9bn in 2024) governed by the Revised IMTS Guidelines (31 January 2024), and intra-African trade via the Pan-African Payment & Settlement System (PAPSS) under AfCFTA. The 2024 IMTO regime confines IMTOs to inbound-only transfers, payout in Naira via cash/bank accounts, sets a US$1m minimum capital, bars banks and fintechs from holding IMTO licences (banks may act as agents), and removed the -2.5%/+2.5% allowable-rate cap so payouts use prevailing market rates. The CBN has eased PAPSS documentation (April 2025), allowed commercial banks to source FX for PAPSS via the official market, and launched the Non-Resident BVN (NRBVN) platform (May 2025) to deepen diaspora flows. Domestically NIBSS Instant Payments (NIP) is the dominant real-time rail.", "findings": [ { "finding": null, "instrument_type": "Revised Guidelines for International Money Transfer Services (31 Jan 2024)", "source": "https://www.aluko-oyebode.com/insights/cbn-issues-new-guidelines-on-international-money-transfer-services/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Revised IMTS Guidelines 2024", "source": "https://pavestoneslegal.com/revised-cbn-guidelines-on-international-money-transfer-services-in-nigeria/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PAPSS documentation circular (28 Apr 2025) / NRBVN platform", "source": "https://www.cbn.gov.ng/AboutCBN/Reforms.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Remittance flows data", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/nigeria/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w6-industry-structure-commercial-dynamics", "standing_position": "Nigeria is Africa's largest fintech market, hosting ~28% of African fintech firms and ~430+ companies, with e-payment transaction volumes of 44.8bn (up 16% YoY) and values of ₦3.1 quadrillion (~US$2.03tn) in 2024. The market is dominated by non-bank fintechs — Moniepoint, OPay, PalmPay, Flutterwave and Paystack — competing with commercial banks; Moniepoint is one of the largest merchant acquirers. A clear 2025–2026 structural shift is fintech consolidation into banking via microfinance-bank acquisitions/upgrades, and a CBN move toward more coordinated nationwide fintech licensing, including a directive to separate payment-processing and banking operations.", "findings": [ { "finding": null, "instrument_type": "Market structure", "source": "https://fintechnews.africa/45002/fintech-nigeria/top-fintechs-in-nigeria/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Merchant-acquirer concentration", "source": "https://fintechnews.africa/45002/fintech-nigeria/top-fintechs-in-nigeria/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Industry data (Agusto)", "source": "https://www.agustoresearch.com/report/2025-fintech-industry-report/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN operations-separation directive", "source": "https://www.paymentsafrica.news/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w7-legal-litigation", "standing_position": "The headline payments-adjacent litigation is the Nigerian state's enforcement campaign against Binance: a February 2025 dispute and FIRS tax-evasion charges, the detention of Binance executives over alleged FX manipulation, and Binance's subsequent disabling of naira services. ISA 2025 expanded SEC enforcement powers (administrative cautions, liens on bank accounts, asset seizure and forfeiture for illegal capital-market operations). The CBN has historically used court-ordered account freezes against fintechs over FX/crypto activity, and BOFIA 2020 criminalises conducting financial business without authorisation.", "findings": [ { "finding": null, "instrument_type": "Binance enforcement / FIRS tax case", "source": "https://breet.io/blog/is-cryptocurrency-legal-in-nigeria", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ISA 2025 enforcement powers", "source": "https://breet.io/blog/is-cryptocurrency-legal-in-nigeria", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Binance lawsuit", "source": "https://www.ainvest.com/news/nigeria-sec-introduces-stablecoin-regulations-2025-act-policy-shift-2507/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN account-freeze precedent", "source": "https://breet.io/blog/is-cryptocurrency-legal-in-nigeria", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w8-merchant-acquiring-risk", "standing_position": "Acquiring is restricted to CBN-licensed institutions and is card-neutral; PTSPs deploy/maintain POS terminals while NIBSS and (since April 2024) Unified Payments act as Payment Terminal Service Aggregators routing and settling POS transactions. Merchants must pass due diligence before POS allocation, may not surcharge or discriminate by scheme, and disputed card/POS transactions must be resolved within five working days (cardholder complaints within 48 hours). NIBSS credits interchange shares to parties and POS devices now require GPS tracking for recertification. The market is highly POS/agent-led, dominated by Moniepoint, OPay and PalmPay agent networks.", "findings": [ { "finding": null, "instrument_type": "POS Card Acceptance regime", "source": "https://srjlegal.com/pos-card-acceptance-services-in-nigeria/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBN POS Card Acceptance Guidelines", "source": "https://www.cbn.gov.ng/cashless/POS_GUIDELINES_August2011_FINAL_FINAL%20(2).pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Acquiring operations / NIBSS certification", "source": "https://financeinafrica.com/insights/inside-nigerias-card-rails-build/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "POS recertification (GPS)", "source": "https://nibss-plc.com.ng/", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/nigeria/#w9-product-innovation-market-development", "standing_position": "Nigeria's standout rails are NIBSS Instant Payments (NIP) — the dominant account-to-account real-time system, ~70% of NIBSS volume, the first IPS in Africa to reach 'Maturity' on AfricaNenda's inclusivity spectrum — alongside QR (NQR), USSD and mobile money. The eNaira (Africa's first CBDC, launched October 2021) has seen minimal retail uptake (<0.5% adoption) and the CBN is repositioning it under the Nigeria Payments System Vision 2028 as cross-border/settlement infrastructure rather than a retail product, exploring NIP-eNaira integration, PAPSS/AfCFTA alignment and regulated-stablecoin settlement corridors. Open banking has formally launched, and the SEC ARIP sandbox supports crypto/stablecoin product testing.", "findings": [ { "finding": null, "instrument_type": "NIBSS Instant Payments (NIP)", "source": "https://www.africanenda.org/uploads/files/siips2025/siips_2025_NIP-Nigeria_CaseStudy_en.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Nigeria Payments System Vision 2028 / eNaira repositioning", "source": "https://bitcoinke.io/2026/06/the-nigeria-payments-system-vision-2028-framework/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "eNaira adoption", "source": "https://bitcoinke.io/2026/06/the-nigeria-payments-system-vision-2028-framework/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Open Banking Framework", "source": "https://www.goldsmithsllp.com/cbns-issues-draft-guidelines-on-handling-authorised-push-payment-fraud/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Regulatory Sandbox / QR framework", "source": "https://www.cbn.gov.ng/PaymentsSystem/PSPs.html", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection sits with the CBN's Consumer Protection and Financial Inclusion Department (CPFD) under the Consumer Protection Regulation 2019 and Framework 2016, with the FCCPC and NCC as adjacent regulators; complaints route to the provider first then escalate to CPFD. A landmark development is the CBN's draft Guidelines for Handling Authorised Push Payment (APP) Fraud (dated 26 November 2025), introducing mandatory reimbursement: institutions acknowledge complaints within 24 hours, investigate within 14 working days, reimburse within 48 hours of conclusion (16 working days end-to-end), with customers required to report within 72 hours. There is an active debate about creating an independent financial ombudsman. Electronic-payment fraud reportedly fell 51% in 2025 after tighter controls.", "findings": [ { "finding": null, "instrument_type": "CBN Draft Guidelines for Handling APP Fraud (26 Nov 2025)", "source": "https://www.cbn.gov.ng/Out/2025/CCD/Exposure%20draft%20of%20the%20Guidelines%20for%20Handling%20Authorised%20Push%20Payment%20Fraud.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "APP fraud reimbursement rules", "source": "https://punchng.com/cbn-orders-48-hour-refunds-for-app-fraud-victims/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "APP fraud timelines / NeFF history", "source": "https://techcabal.com/2025/12/02/nigerian-banks-16-days-fraud-refund-cbn/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Complaints data", "source": "https://www.legit.ng/business-economy/money/1693950-nigerian-bank-customers-complaints-surge-electronic-transactions-fraud-top-list/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Ombudsman proposal / complaint route", "source": "https://efina.org.ng/wp-content/uploads/2025/12/Ask-the-Regulator-Communique-1.1-December-2025.pdf", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w11-aml-cft-financial-crime", "standing_position": "sentinel. Nigeria's AML/CFT/CPF posture is anchored on the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022 and the Proceeds of Crime (Recovery and Management) Act 2022, supervised by the CBN with the NFIU and EFCC. Nigeria was placed on the FATF grey list in February 2023, completed its 19-point action plan by May 2025 and was formally delisted at the October 2025 FATF Plenary, improving correspondent-banking and risk-rating conditions; the next mutual evaluation is expected 2027. (Carried per Sentinel.gi payments-context feed — no original FIM analysis performed.)", "findings": [ { "finding": null, "instrument_type": "Beneficial-ownership / supervision reforms", "source": "https://www.mondaq.com/nigeria/money-laundering/1701544/nigerias-exit-from-the-grey-list-implications-for-businesses-and-the-financial-system", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Nigeria's AML/CFT/CPF regime rests on the Money Laundering (Prohibition) Act 2011 (as amended), NFIU Act 2018, Terrorism Prevention Act, and CAMA 2020 BO framework, supervised by CBN, SEC and NAICOM with EFCC/NFIU as lead enforcement/FIU bodies. Nigeria exited the FATF grey list in October 2025 after a February 2023-2025 action plan, but GIABA follow-up reviews still flag technical gaps, especially in free-zone beneficial ownership transparency and targeted financial sanctions for proliferation financing.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Nigeria", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: Federal High Court (Abuja) / EFCC — Saleh Mamman, former Minister of Power", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement runs through NIBSS as settlement system operator with the CBN as settlement agent (deferred net settlement, 4x daily for NIP), and NIBSS — owned by the CBN and Nigerian banks — coordinates clearing (single clearing house post-cheque-truncation) and the central anti-fraud infrastructure. Direct NIP membership is open to commercial banks, MFBs and MMOs. Correspondent-banking access improved following the October 2025 FATF delisting, and the CBN has expanded cross-border settlement access via PAPSS (FX sourcing from the official market, eased documentation) and the NRBVN platform. The 2024 bank recapitalisation (₦500bn for international-authorisation banks) is reshaping settlement-tier institutions.", "findings": [ { "finding": null, "instrument_type": "NIBSS settlement model", "source": "https://www.africanenda.org/uploads/files/siips2025/siips_2025_NIP-Nigeria_CaseStudy_en.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "NIBSS ownership & settlement role", "source": "https://srjlegal.com/fraud-monitoring-obligations-in-nigerias-payment-system/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Bank recapitalisation (28 Mar 2024) / PAPSS FX access", "source": "https://www.cbn.gov.ng/AboutCBN/Reforms.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Correspondent-banking access", "source": "https://www.aneej.org/nigerias-exit-from-the-fatf-grey-list-a-new-chapter-for-financial-integrity/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/nigeria/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial intelligence is dominated by fintech consolidation into banking. Flutterwave acquired open-banking startup Mono (completed December 2025, made public January 2026; all-stock, ~US$25–40m) and then secured a Nigerian national microfinance banking licence (April 2026). Paystack acquired Ladder Microfinance Bank (January 2026), rebranding it Paystack Microfinance Bank. Moniepoint secured a Visa investment (January 2025) following its October 2024 unicorn round. Ripple reportedly invested in Flutterwave's Series E to accelerate stablecoin payments.", "findings": [ { "finding": null, "instrument_type": "M&A", "source": "https://businessday.ng/technology/article/flutterwave-acquires-nigerias-mono-in-deal-worth-up-to-40m/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Licence acquisition", "source": "https://techcabal.com/2026/04/02/flutterwave-mfb/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "M&A", "source": "https://weetracker.com/2026/04/02/flutterwave-banking-license-africa-fintech-become-banks/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Strategic investment", "source": "https://fintechnews.africa/45002/fintech-nigeria/top-fintechs-in-nigeria/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Funding round", "source": "https://www.paymentsafrica.news/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }