The Central Bank of Kenya approved 32 additional digital credit providers on 14 April 2026.
The CBK, on 14 April 2026, announced the approval of 32 additional Digital Credit Providers (DCP), increasing the number of licensed DCPs in Kenya to 227, The mandatory licensing regime has improved: consumer protection, market transparency and accountability of lenders
In 2022, the CBK introduced a mandatory licensing regime for digital credit providers under the Central Bank of Kenya (Digital Credit Providers) Regulations, 2022, to curb predatory lending practices and enhance consumer protection. Since the implementation of this Regulations, the CBK has consistently published updated lists of licensed providers to alert the public against engaging with unlicensed and illegal DCPs.
The CBK further urged applicants awaiting approval to complete the submission of all requisite documentation to facilitate the approval and licensing process. This signals to pending and prospective applicants for the DCP licence that approvals are actively ongoing, and that the CBK remains ready to expeditiously review and approve applications upon receipt of complete documentation, as the CBK is positioned for protective and enforceable scrutiny before the grant of the license.
PRESS RELEASE: THE CENTRAL BANK OF KENYA (CBK) APPROVES ADDITIONAL 32 DIGITAL CREDIT PROVIDERS (DCPs)
32 Additional Digital Credit Providers Approved The Central Bank of Kenya approved 32 additional digital credit providers on 14 April 2026. The CBK’s latest approval brings the total number of licensed digital credit providers to 227, following its December 2025 update in which 42 providers were licensed.
Over 800 Applications Received Since 2022 Since the introduction of the licensing framework in March 2022, the CBK has received over 800 applications from prospective digital credit providers.
Licensing Regime Improves Consumer Protection and Market Integrity The mandatory licensing regime has significantly enhanced consumer protection, market transparency, and accountability among lenders by curbing predatory practices.
Ongoing Publication of Licensed Providers and Warnings Against Illegal Operators The CBK continues to publish updated lists of licensed providers while cautioning the public against engaging with unlicensed and illegal digital credit providers.
Increased Licensing is Reducing Illegal Lending Activities The expansion in licensed providers is contributing to the gradual displacement of unregulated and illegal operators within the digital lending market.
Consumers Can Easily Verify Legitimate Credit Providers With more licensed providers and regular updates from the CBK, consumers are now better equipped to verify legitimate lenders, reducing their exposure to fraud and exploitation.
Collaboration to Enforce Compliance and Curb Illegal Activities The CBK is actively working with relevant authorities to enforce compliance and clamp down on illegal digital lending activities.
Pending Applicants Urged to Complete Documentation The CBK has urged applicants with pending submissions to provide all outstanding documentation promptly to facilitate the completion of the review process.
CBN Amends the Regulatory Framework for Bank Verification Number (BVN) Operations/ CBN tightens Bank Verification Number (BVN) controls
The Central Bank of Nigeria (CBN) has introduced an amendment to the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist (the“Framework”) for the Nigerian Banking Industry. The amendment builds on the Framework originally released in 2021 and applies to Deposit Money Banks (DMBs), Payments Service Providers (PSPs), Mobile Money Operators and Other Financial Institutions (“Participating entities“) reinforcing the CBN’s ongoing efforts to strengthen identity verification, curb fraud, and improve accountability across Nigeria’s financial ecosystem.
The amendment introduces four major changes to the Framework highlighted in this article and each of these changes indicates direct compliance implications for the Participating entities. The ultimate goal of these changes is to build a secure financial environment that is difficult to manipulate. This article summarises the key amendments and identifies the compliance considerations for Participating Entities.
Key Amendments
One-Time Limit on BVN-Linked Phone Number Changes
Under the 2021 Framework, no specific limit was placed on the number of times a customer could update the phone number linked to their BVN. Name updates were permitted up to twice per year and date of birth corrections were limited to a single change, but phone number modifications were treated as routine corrections without a defined limit.
The amendment now decouples phone number updates and subjects it to a strict one-time limit. Therefore, a customer may change their BVN-linked phone number on one occasion only. Participating entities must update their systems and processes accordingly, and ensure that customers are clearly informed of this restriction before any update is initiated.
The rationale for this change is that BVN-linked contact details have been associated with SIM swap fraud, identity takeover schemes, and the manipulation of customer identity records. The one-time restriction is intended to limit the window available to bad actors seeking to redirect account access through phone number substitution.
Minimum Age Requirement of 18 Years for BVN Enrollment
The 2021 Framework did not prescribe an age threshold for BVN enrollment. The amendment introduces a minimum age requirement of 18 years, with effect from the date of the circular. Only individuals who have attained the age of 18 are eligible to obtain a BVN.
This change has direct implications for Participating Entities that have onboarded minors and for those that offer banking or payment products designed for younger customers, including student accounts and teen-focused digital banking platforms. Participating entities in these categories will need to reassess their onboarding frameworks and consider alternative verification processes where their customer base includes individuals below the new threshold.
Introduction of a Temporary BVN Watchlist for Suspicious Transactions
Prior to this amendment, inclusion on the BVN watchlist was reserved for cases in which fraudulent or suspicious conduct had been confirmed. However, the amendment now introduces a mandatory temporary watchlist for suspicious transactions.
Where a transaction appears suspicious or indicative of potential fraud, Participating Entities are now required to flag the associated BVN, temporarily pause or monitor the relevant activity, and maintain the watchlist status until the matter is fully investigated and resolved. This requirement is intended to enable early intervention before funds are dissipated or fraudulent activity take place.
Participating entities will need to review their fraud detection systems and internal escalation processes to implement this requirement. The amendment aligns the temporary watchlist requirement with broader Anti-fraud and Anti-money laundering (AML) protocols,
Restricted Access to the BVN Database
Under the prior Framework, access to the CBN-controlled BVN database was available to a broader category of entities, including Other Financial Institutions and Other Entities that applied for and received authorisation. Going forward, only institutions licensed by the CBN may directly access the BVN database and access by unlicensed entities will require a specific exemption granted by the CBN in exceptional circumstances.
This change has material implications for entities that are not licensed but currently access BVN verification services through partnerships with licensed institutions or third-party infrastructure providers. Such entities must ensure that all BVN verification is conducted strictly through licensed partner institutions, and that existing access arrangements are reviewed for compliance with the amended Framework.
Conclusion
As Nigeria’s financial sector continues to grow rapidly, Participating Entities should consider the above-mentioned priority actions in response to the amendment. It is evident that this amendment signals the CBN’s continued commitment to strengthening identity governance and fraud prevention within Nigeria’s financial system.
In light of this, participating entities operating within the financial sector should promptly review their compliance procedures, onboarding flows, and internal controls to ensure they are aligned with the Framework.
More importantly, as the regulatory landscape evolves, staying informed and proactive remains critical for entities seeking to operate effectively within Nigeria’s financial services industry.
What CBN Recapitalisation Means for Fintech Partnerships
In March 2024, the Central Bank of Nigeria directed all banks to recapitalise before March 2026. Following this, the recapitalisation exercise has now been concluded, with 33 banks meeting the revised capital requirements and collectively raising a total of ₦4.65 trillion in new capital.
This development signifies a significant shift in the Nigerian banking sector. This significantly strengthens the financial system and positions it to better support economic activity. Beyond the headline numbers, the exercise has improved financial resilience across the banking sector. Deposit money banks are now maintaining capital adequacy levels above international Basel benchmarks.
For fintechs and startups operating under bank-led models, this matters for a practical reason. A bank with a stronger capital base and a healthier balance sheet is a more stable, more creditworthy, and more commercially ambitious institution. That ambition creates room for deeper partnerships. Fintechs that are well-positioned stand to benefit directly from the expanded capacity banks now carry.
How Fintechs Should Prepare for Stricter Bank Due Diligence
Compliance obligations remain the same. They are grounded in already established due diligence principles and regulations. What changes is the environment in which those obligations will be assessed. Banks are now operating under tighter prudential oversight and will apply greater scrutiny to the business relationships they form and maintain.
Hence, entities that currently hold a bank partnership or operate a bank-led model, this is the time to ensure all compliance obligations are fully attended to. For those seeking to form new partnerships, all regulatory requirements should be completed before approaching a bank. Banks will not carry compliance risk on behalf of a fintech partner. That responsibility sits firmly with the fintech partner.
Post-Recapitalisation Compliance Expectations for Fintechs
The primary purpose of the recapitalisation is to boost the capital adequacy and risk absorption capacity of Nigerian banks in line with international standards. For fintechs, existing regulatory compliance obligations remain largely unchanged. However, a financial system restructured to meet higher standards tends to produce regulation that reflects those standards across the entire ecosystem.
We could see new guidelines tailored towards preserving the financial stability the recapitalisation is designed to achieve. Fintechs are key players in Nigeria’s financial sector and remain central to the long-term stability goals of the Central Bank of Nigeria. Therefore, higher expectations aimed at harmonising the new prudential standards across the ecosystem are a reasonable and likely development to anticipate.
Will Recapitalisation Trigger a New Wave of Fintech Regulation?
The recapitalisation exercise was directed specifically at deposit money banks. Its immediate regulatory consequences are concentrated there. The successful completion of the programme establishes a stronger and more resilient banking system. Deposit Money Banks are now better positioned to support lending, mobilise savings, and withstand domestic and global shocks.
For fintechs, the picture is one of gradual but deliberate progression. A dedicated fintech regulatory bill is already in the house undergoing legislative scrutiny. Recapitalisation does not directly trigger new fintech-specific rules, but it sets the tone. The CBN is expected to follow up with prudential guidelines designed to protect and maintain the capital gains achieved.
Since fintechs operate within the same financial ecosystem as the banks that just recapitalised. These guidelines will inevitably shape the standards fintechs are held to as well. The fintechs that prepare now rather than wait will be better placed when that next phase arrives.
Welcome to August’s edition of Regulatory Round-up, where we provide you with the latest regulatory developments across Nigeria, Africa, and beyond within the month. Let’s dive into a thoughtful, comprehensive update on recent developments in the regulatory landscape.
The Nigeria Revenue Service (‘NRS’) has issued its Guidelines on the Taxation of Virtual Assets, providing an administrative framework for the taxation of cryptocurrencies, stablecoins, NFTs and other virtual assets. The Guidelines cover taxpayers, Virtual Asset Service Providers (‘VASPs’), P2P operators and other participants, with provisions addressing registration, reporting, record-keeping, valuation and applicable taxes. The development marks another step towards the formalisation of Nigeria’s digital asset market and means businesses operating in this space must now consider their tax obligations alongside licensing and AML requirements.
2. SEC Proposes New Rules to Strengthen Regulation of Digital and Virtual Assets
The Securities and Exchange Commission (‘SEC’) has released proposed rules covering the issuance, tokenisation, trading, custody, transfer, settlement, investment and advisory activities relating to digital and virtual assets. The proposed rules would apply not only to businesses operating in Nigeria but also to persons providing services to Nigerian residents or targeting Nigerian investors through digital channels. This signals a broader regulatory perimeter for digital assets and reinforces the need for businesses in this space to assess their licensing, governance, custody, disclosure and operational structures ahead of the final rules.
3. CBN Opens Second Regulatory Sandbox for Virtual Assets and Data-Enabled Financial Services
The Central Bank of Nigeria (‘CBN’) has opened the second cohort of its Regulatory Sandbox Programme, introducing dedicated tracks for Virtual Asset Service Providers and Data-Enabled Financial Services. The VASP track covers innovations involving stablecoins, payments, settlement, custody, wallets and related infrastructure, while the second track focuses on permission-based data sharing and other technology-driven financial services. This shows that the regulatory approach is increasingly shifting from simply restricting emerging technologies to creating controlled environments where innovative business models can be tested under regulatory supervision.
The SEC has cleared three additional Virtual Asset Service Providers; Pisi Payments Solution Limited, BC Access (Nigeria) Limited and Yellow Card Financial Limited, for admission into its Accelerated Regulatory Incubation Programme (‘ARIP’). The approval-in-principle allows the firms to operate within the defined scope of the programme while remaining subject to regulatory conditions and supervision. The development further demonstrates the SEC’s move towards bringing digital asset businesses into a controlled regulatory framework rather than leaving the sector outside formal supervision.
5. SEC Tightens AML/CFT Requirements Following FATF Risk Updates
The SEC has directed capital market regulated entities to implement the latest Financial Action Task Force (‘FATF’) statements on high-risk jurisdictions and jurisdictions under increased monitoring. Regulated entities are also required to subscribe to Nigeria’s Sanctions Alerts system to ensure timely access to terrorist financing and proliferation financing designations. This reinforces the growing importance of sanctions screening, enhanced due diligence and transaction monitoring for businesses operating within Nigeria’s financial and capital markets.
6. Nigeria Moves Closer to Faster Capital Market Settlement with T+1 Clarification
The SEC has clarified the implementation of the T+1 settlement cycle for equities and commodities settled through the Central Securities Clearing System (‘CSCS’), confirming a 5:00 p.m. settlement deadline on the following business day. The Commission also clarified that foreign portfolio investors are not required to prefund their accounts, although capital market operators must maintain controls to ensure timely settlement. The move is expected to reduce counterparty risk, improve liquidity and make the Nigerian capital market more attractive to domestic and international investors.
7. Nigeria’s Payment Data Localisation Requirement Comes Into Sharper Focus
The CBN’s requirement that payment transaction data generated in Nigeria be stored and managed within Nigeria has become a major operational issue for banks, fintechs and payment service providers, with the compliance deadline set for 1 January 2027. Industry discussions in August have highlighted the scale of the transition, particularly for businesses dependent on international cloud infrastructure. For payment businesses, this is not simply an IT issue; it raises questions around data architecture, third-party contracts, cybersecurity, business continuity and compliance with Nigeria’s broader data protection requirements.
8. Federal Government Strengthens Data Protection Compliance Across Public Institutions
The Federal Government has directed Ministries, Departments and Agencies (MDAs) to comply fully with the Nigeria Data Protection Act 2023. The directive reinforces the government’s focus on responsible handling of personal data and strengthens the role of data protection in public administration. The development also reflects the wider direction of Nigeria’s privacy regime, where organisations are increasingly expected to demonstrate practical compliance rather than simply having data protection policies on paper.
9. NITDA Pushes Sovereign Cloud Infrastructure as Data Localisation Gains Attention
The National Information Technology Development Agency (‘NITDA’) and the Budget Office have inaugurated a multi-agency technical committee to advance implementation of Nigeria’s Sovereign Cloud initiative. The development comes amid growing regulatory and national-security concerns around Nigeria’s reliance on foreign cloud infrastructure. For businesses, the increasing focus on local infrastructure may have implications for how sensitive financial and personal data is stored, processed and transferred, particularly as sector-specific localisation requirements continue to develop.
10. CBN Eases Access to Its Discount Window for Banks
The Central Bank of Nigeria has removed restrictions that previously prevented banks from accessing its Standing Lending Facility where they had participated in the foreign exchange market or purchased government securities at primary auctions. Under the revised approach, participation in these activities will no longer automatically affect a bank’s eligibility to access the discount window. The change provides greater liquidity flexibility for banks and signals a more accommodating approach to managing funding and liquidity conditions within the financial system.
1. Ghana Publishes Full List of Virtual Asset Sandbox Participants
The Securities and Exchange Commission (SEC) Ghana has published the full list of entities admitted into its Virtual Asset Sandbox, covering activities such as asset tokenisation, virtual asset brokerage, exchanges, custody and trading platforms. The sandbox is intended to generate regulatory data that will help the SEC develop activity-specific licensing and registration requirements under Ghana’s Virtual Asset Service Providers Act, 2025. Ghana’s approach shows a growing preference across African markets for testing digital asset models within controlled regulatory environments before wider market access is permitted.
2. South Africa Moves to Strengthen Oversight of Cross-Border Crypto Transactions
The South African Reserve Bank (SARB) and National Treasury have published a draft Crypto Assets Manual for public comment, focusing on the treatment of cross-border crypto asset transactions and the responsibilities of authorised Crypto Asset Service Providers. The proposed framework seeks to bring greater clarity to cross-border crypto flows and reporting obligations. For businesses operating across African markets, this reinforces the need to consider foreign exchange, reporting, licensing and AML requirements when structuring digital asset transactions across borders.
3. South Africa Begins Transition of Key Payment-System Functions to SARB
The South African Reserve Bank has commenced the transition of payment-system market infrastructure functions previously handled by the Payments Association of South Africa (PASA) to SARB and PayInc. From 11 August, certain authorisation and registration functions moved to SARB, while existing authorisations remain valid unless otherwise determined. The transition strengthens SARB’s direct role in payment-system regulation and highlights the broader trend towards tighter oversight of payment infrastructure across African financial markets.
1. EU Begins Enforcement of AI Act Transparency Requirements
The European Union began enforcing key provisions of its Artificial Intelligence (AI) Act on 2 August 2026, including new transparency requirements for certain AI systems. Businesses may now be required to inform users when they are interacting with AI and to clearly identify certain AI-generated or manipulated content, including deepfakes. For fintechs and other technology businesses operating across borders, the development demonstrates that AI governance is becoming a practical compliance requirement covering transparency, risk management and responsible deployment of AI systems.
2. US SEC Proposes New Framework for Crypto Asset Offerings
The United States Securities and Exchange Commission (SEC) has proposed ‘Regulation Crypto Assets’, creating a tailored framework for certain investment contracts involving crypto assets. The proposal includes exemptions for offerings of up to $5 million over four years and up to $75 million in a 12-month period, subject to specified disclosure requirements. The proposal represents a significant move towards creating clearer routes for crypto businesses to raise capital while maintaining investor protection and securities-law safeguards.
3. US Treasury Moves Forward with Regulation of Payment Stablecoins
The US Department of the Treasury has issued a proposed rule to implement provisions of the GENIUS Act relating to the issuance, offering and sale of payment stablecoins. Under the emerging framework, persons generally will not be permitted to issue payment stablecoins in the United States without an appropriate federal or state licence once the regime takes effect. The development is significant for global payment and fintech businesses because it further moves stablecoins from the experimental space into a formal financial regulatory framework.
4. US Changes Beneficial Ownership Reporting Requirements
The Financial Crimes Enforcement Network (FinCEN) has finalised changes to the US Beneficial Ownership Information reporting framework. Under the new rules, US companies are exempt from BOI reporting requirements, while certain foreign companies registered to do business in the US remain subject to reporting obligations. The change demonstrates how beneficial ownership requirements continue to evolve globally and highlights the importance for multinational businesses of understanding the specific reporting obligations applicable in each jurisdiction.
1. Santander Completes Acquisition of Webster Financial Corporation
Banco Santander completed its acquisition of Webster Financial Corporation in August following regulatory approvals from the US Office of the Comptroller of the Currency, the European Central Bank and the Federal Reserve. The transaction strengthens Santander’s position in the US banking market and expands its customer base and commercial banking capabilities. The deal demonstrates the continued consolidation of financial institutions seeking greater scale and stronger market positions.
2. Citi Agrees to Acquire Kard Financial
Citi has entered into an agreement to acquire Kard Financial, a platform providing commerce media and rewards technology to banks and fintechs. The acquisition will allow Citi to combine Kard’s technology with its existing customer and merchant ecosystem to develop more personalized rewards and engagement offerings. The transaction highlights the growing interest among traditional financial institutions in acquiring specialised fintech capabilities rather than building them internally.
3. BMO and RBC Agree to Sell Moneris to Francisco Partners
Bank of Montreal (BMO) and Royal Bank of Canada (RBC) have agreed to sell Moneris, a major payments technology business, to private equity firm Francisco Partners for approximately C$2 billion. The transaction reflects continued investor interest in established payment infrastructure and technology businesses. It also demonstrates how payment processing and financial infrastructure remain attractive areas for strategic and private-equity investment.
1. Yellow Card Secures $40 Million to Expand Stablecoin Infrastructure
African stablecoin infrastructure provider Yellow Card has secured $40 million in strategic funding from investors including SC Ventures, Sony Innovation Fund, Polychain Capital and Blockchain Capital. The funding will support the expansion of its Global USD Accounts and stablecoin payment infrastructure connecting businesses to markets globally. The raise further demonstrates the growing investor interest in stablecoin infrastructure as African businesses seek faster and more efficient cross-border payment solutions.
2. Ventures Platform Closes Second Pan-African Fund at $84 Million
African venture capital firm Ventures Platform has closed its second institutional fund at $84 million, exceeding its original $75 million target. The fund will support early-stage companies across Africa, including businesses operating in fintech, healthcare, SaaS and other technology-driven sectors. The raise is particularly notable against a more cautious global venture market and reflects continued institutional confidence in African technology businesses with strong growth and infrastructure potential.
3. Jem Raises $8.4 Million to Expand Workforce Management Platform
South African workforce management fintech Jem has raised $8.4 million in a Series A round led by Quona Capital. The company, which serves more than 250,000 frontline workers across over 200 companies, plans to use the funding to accelerate product development and expansion. The raise highlights continued investor interest in fintechs solving practical business and workforce challenges rather than focusing solely on consumer payment products.
We hope you found our August Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
The month of July invited several regulatory advancements, enforcements and initiatives directed to companies within the regulatory landscape. Let’s have a comprehensive look at these developments across Nigeria, Africa and worldwide.
Nigeria
CAC notifies Public of Intention to strike-off 100,000 Companies from Register
CAC mandates strict compliance with Sections 304(1) (2) & 709(C) of CAMA 2020
CBN Clarifies FX Access Framework for Bureau De Change Operators
SEC announces Electronic Registrations on its E-Portal for Capital Market Operators
SEC admits a total of Nine VASPS Into Its Accelerated Regulatory Incubation Programme
The NITDA Launches Sandbox Technical Working Group towards Encouraging Collaborative Regulatory Efforts for Digital Innovation
The NITDA Inaugurates Multi- Stakeholder Coordination Group to Support Digital Governance in the Country
FCCPC Resumes Full Implementation of the Provisions of the DEON Regulations
FCCPC directed to investigate Big Techs Over Alleged Infringement Against Nigerian Media Organisations
Senate Advances Bill to Require Global Social Media Platforms to Establish Offices in Nigeria
Zimbabwe to Begin Data Protection Compliance Inspections
Global
Wolfsberg Publishes New Guidance on Banking Services to Non Bank PSPs
BSP, Philippines, issues AI Governance Principles for BSFIs
Mergers & Acquisitions
Iberdrola Agrees to Acquire 80% Stake in Caruna for €2 Billion Euros
Tempus AI Inc Set to Acquire Personalis, Inc at an Enterprise Value of $1.5 Billion
Crypto Scoop
Deals and Raises
CAC notifiesPublic of Intention to strike-off 100,000 Companies from Register
The Corporate Affairs Commission on 15 July 2026 released a notice to the general public, particularly registered companies, of its intention to commence another round of striking off names of companies found defiant in filing their annual returns and regularising their records with the Commission from the Register. This is in line with their powers as contained in section 692 (3)&(4) of the Companies and Allied Matters Act (CAMA) 2020. The number of non-compliant companies identified this time was One Hundred Thousand. Access the list here. Consequently, affected companies were advised to file all annual returns, persons of significant control/beneficial ownership information and regularise their records with the Commission within 90 days of the notice, being 13 October 2026, otherwise, their names will be struck off the Register without further notice. This reflects that non-compliance with filing annual returns and other regulatory filing obligations can potentially make a company lose its legal status.
2. CAC mandatesstrict compliance with Sections 304(1) (2) & 709(C) of CAMA 2020
The Corporate Affairs Commission on 08 July 2026 issued a notice announcing its intention to enforce full application of the requirements of Section 304(1)(2) and Section 729[1](c) of the Companies and Allied Matters Act [CAMA] 2020 with respect to business letters. To this end, every registered company shall in all its business letters state its name, registration number and registered address, and in all these business letters in which its name appear, shall state clearly and legibly, the present name [fore-name (or initials) and surname], former name [when applicable] and nationality (if not Nigerian) of every director of the company. Accordingly, non-compliance will be faced with attendant sanctions.
3. CBN ClarifiesFX Access Framework for Bureau De Change Operators The Central Bank of Nigeria on 15 July 2026 issued guidance that provides a clearer and more structured process for licensed Bureau De Change (BDC) operators to purchase foreign exchange (FX) from Authorised Dealer Banks (ADBs) through the Nigerian Foreign Exchange Market (NFEM). The guidance sets out the approved route for BDCs to access FX and requires these transactions to be carried out through ADBs while meeting CBN requirements on documentation, reporting, and transparency. This development improves clarity on how BDCs can source FX from the official market and strengthens the CBN’s monitoring of BDC activities. For businesses and market participants, the guidance means that BDC FX transactions will increasingly be conducted through regulated channels, with greater focus on compliance and proper record-keeping.
4. SEC announcesElectronic Registrations on its E-Portal for Capital Market Operators
To improve regulatory efficiency and support innovation, the Securities and Exchange Commission [‘SEC’] has announced on 29 July 2026 that it will commence full electronic registrations [e-registration] on its e-portal for all applications such as appointment of director, Removal/Resignation of Director, Opening of Branch Office, Letter of Good Standing, Change of Name, Change of Address and other related matters by all capital market operators starting Monday, 10 August 2026.
5. SEC admitsa total of Nine VASPS Into Its Accelerated Regulatory Incubation Programme [ARIP]
On 2 July 2026 and 3 July 2026, the Securities and Exchange Commission [‘SEC’] admitted a total number of nine Virtual Assets Service Providers into its Accelerated Regulatory Incubation Programme [ARIP] which creates an access and avenue for these entities to test their products within the regulatory sandbox and under close regulatory supervision before launching them to the public. This admission indicates that SEC would be issuing an Approval-In-Principle to these cleared entities; while it does not signify or indicate licensing, it demonstrates that the Commission is taking efforts towards ensuring a more efficient and less regulatory stifled means of approving and accepting digital assets service providers including Virtual assets service providers [VASPs]; where innovation is encouraged, investors are protected and the integrity of the capital market is safeguarded through the ARIP.
6. The NITDA LaunchesSandbox Technical Working Group [TWG] towards Encouraging Collaborative Regulatory Efforts for Digital Innovation
With the pace of digital innovation, newer and more efficient approaches must be adopted by regulators so as not to stifle innovation while ensuring necessary compliance from concerned institutions. It is because of this reason that the Director of the Nigeria Information Technology Development Agency [NITDA] introduced the Sandbox Technical Working Group [TWG] which is a cross-agency framework, where regulators can come together and discover practical solutions towards encouraging innovation and maintaining effective oversight. This strategy involves a sandbox where innovators can test emerging technologies and solutions under the supervision and guidance of relevant regulatory authorities.
7. The NITDA InauguratesMulti- Stakeholder Coordination Group to Support Digital Governance in the Country
The Nigeria Information Technology Development Agency [NITDA], recognising the global recognition that has followed the country’s digital governance, acknowledged that such recognition vests more responsibility on the country to sustain the progress. To this end, the Agency inaugurated a multi-stakeholder coordination group, a more inclusive group that will hold institutions accountable and support other frameworks already in place to ensure sustained digital transformation and governance in the country. Additionally, these stakeholders are urged to ensure that underserved communities, persons with disabilities, children and the elderly are not neglected in Nigeria’s digital transformation drive.
8. FCCPC ResumesFull Implementation of the Provisions of the DEON Regulations
Following the Court’s ruling on 20 July 2026 regarding the suit filed by the Wireless Application Service Providers Association of Nigeria [WASPAN] against the Federal Competition and Consumers Protection Commission [FCCPC] challenging the Commission’s authority to issue and implement the provisions of the Digital, Electronic, Online and Non-Traditional Regulations [DEON Regulations] which prescribe responsible lending supervisory requirements and consumer protection in the digital lending market, the FCCPC may now fully commence the implementation of the DEON Regulations. The court held that it is fully within the Commission’s statutory and regulatory powers to enforce the provisions of the Regulations and dismissed the plantain’s claims in all its entirety.
9. FCCPC directedto investigate Big Techs Over Alleged Infringement Against Nigerian Media Organisations
This is following a joint petition submitted to the presidency by the Nigerian Press Organisation [NPO] claiming that Big technology companies have been involved in anti-competitive practices, unlawful exploitation of news content,and other potentially unfair market conduct. Also, Generative Artificial Intelligence [AI] platforms fall under the radar of investigation. While this effort is not directed at these entities with presumptions of wrong doing, rather, it is to conduct a careful inquiry of their operations and assess them as to whether they result in unfair business practices, i.e., whether their practices constitute a breach of the Federal Competition and Consumers Protection Act (FCCPC Act) 2018. This move demonstrates efforts of the federal government and the FCCPC towards promoting media advocacy and protecting the interests of fair and trustworthy digital contents furthering the development of the democratic system.
10. Senate AdvancesBill to Require Global Social Media Platforms to Establish Offices in Nigeria
Nigeria’s Senate has advanced a bill aiming to amend the Nigeria Data Protection Act, 2023 by requiring global social media platforms operating in Nigeria, like Facebook, Instagram, Tiktok, to establish and open local offices in the country. This initiative is aimed towards ensuring that these platforms are held accountable, promote transparency and enable easier regulatory enforcement reach for Nigerian regulators over these platforms. This bill is not yet law; however, it signals the government’s direction for digital regulation. The push for a local presence reflects the government’s objective to ensure that companies with such a massive Nigerian user base are brought under direct supervision of regulatory authorities.
As part of Kenya’s National Digital Strategy [2025 – 2030], the Country has released its Artificial Intelligence [AI] draft Policy, and to promote inclusion, has invited public comments on the development, adoption, deployment and governance of AI among other emerging technologies on or before 04 August 2026. Kenya has spent the last few years laying the groundwork for AI governance and pursuing AI regulation on multiple fonts, and this consultation is the closest and biggest step towards making this aim a reality. The AI Policy, if adopted, will shape how AI is used in Kenya for years to come, influencing everything from how startups build AI products, to how governments respond to intelligence systems and how citizens’ data is protected.
2. Zimbabwe to BeginData Protection Compliance Inspections
Starting 01 September 2026, the country through the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) will begin compulsory inspections of organisations collecting and processing personal data within the country with the aim to ensure that they are properly compliant with the provisions of the country’s Cybersecurity and Data Protection Act. The inspection will examine whether these businesses are compliant with data protection rules , cyber security measures, data governance , including whether they are licensed as data controllers. This inspection will take a risk-based approach, starting with sectors that hold large amounts of sensitive data. This initiative becomes relevant and crucial because it holds organisations holding personal information of data subjects accountable in order to ensure these sensitive data are not exploited for unlawful purposes that could further endanger data subjects’ well-being.
Wolfsberg PublishesNew Guidance on Banking Services to Non Bank PSPs
To expand on its existing framework, the Wolfsberg group has introduced new guidance on the provision of banking services to non-bank Payment Service Providers [PSPs] which details and addresses common relationship types, associated risks, compliance obligations and risk management expectations for financial institutions providing these banking services to non-bank PSPs. This guidance provides a practical framework that will help banks to navigate the financial risks associated with providing their banking services to non-bank institutions while continuously promoting innovation.
2. BSP, Philippines, issuesAI Governance Principles for BSFIs
With Artificial Intelligence [AI] becoming a major participant in digital innovation and in the financial system, Bangko Sentral ng Pilipinas [BSP] which is the Central Bank of the Philippines has issued governance principles for Artificial Intelligence [AI] use by the BSP-Supervised Financial Institutions [BSFIs]. The governance principles are sustainability, transparency, accountability, responsibility, and security (STARS). This guidance aims towards protecting consumers and preserving trust in the financial system. Hence, regulated financial institutions are urged to implement the guidance proportionately to the nature, extent, scale, complexity, and materiality of their AI systems while also taking into consideration the BSFI’s overall operational complexity and risk profile. Although, non-binding, these principles demonstrate minimum supervisory expectations for AI adoption in the Philippines.
Iberdrola Agrees to Acquire80% Stake in Caruna for €2 Billion Euros
Ibredola, a massive Spanish electric utility company makes a major move into Finland with a recent agreement reached to acquire 80% of Finland’s largest electricity distribution company. The acquisition is expected to complete during the first quarter of 2027, subject to regulatory approvals.
2. Tempus AI Inc Setto Acquire Personalis, Inc at an Enterprise Value of $1.5 Billion
On 20 July 2026, Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, announced a definitive agreement to acquire Personalis, Inc. The acquisition will expand Tempus capabilities in minimal residual disease (MRD) and enhance its ability to support patients from diagnosis and treatment selection, to recurrence and monitoring.
We hope you found our July Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
Welcome to June’s edition of Regulatory Round-up, where we provide you with the latest regulatory developments across Nigeria, Africa, and beyond. Let’s dive into a thoughtful and comprehensive update on developments within the regulatory landscape this month.
The Central Bank of Nigeria, having acknowledged the success of the Payments System Vision 2025, has launched the Payments System Vision 2028. Anchored on six guiding principles; interoperability, Security, Inclusion, Innovation, Trust, Collaboration. It would modernize payments infrastructure, strengthen regulatory and supervisory frameworks, fasten the adoption of digital financial services, and foster deeper collaboration across stakeholders. The end goal is to ensure efficient payment solutions across urban and rural areas within the country and create stronger cross-border integration and alignment with international standards that would place the Country in an important role of supporting intra-African trade and the evolving global payments ecosystem.
2. CBN issuesCircular prescribing Market Structure, Data Localisation and Ultimate Beneficial Ownership Disclosure
The Central Bank of Nigeria recently released a Circular mandating banks and other financial institutions facilitating payments to maintain accurate and up to date records of ultimate beneficial ownership and upon request, disclose them. The Bank further directs that the storage and management of payment-transactions data generated within the country shall be done locally with full compliance effective 07 January 2027. In addition, any licensed financial institution in consumer issuing activities whether individually or as part of a group of related entities holding more than twenty-five percent (25%) market share in consumer issuing within any rolling twelve-month period shall not hold more than fifteen percent (15%) market share in merchant acquiring activities during the same period, and vice-versa. Concerned entities are required to submit monthly market share returns in accordance with prescribed templates and timelines. Full compliance is expected on or before 31 December 2026. The purpose of these requirements is to further the Bank’s initiative towards advancing transparency, addressing concentration risk, promoting operational dependence and data integrity in payment facilitating institutions.
3. CBN releasesExposure Draft of the Guidelines on Ring Fencing Operations of Closely Linked Entities in the Nigerian Financial System
The Central Bank of Nigeria on 10 June 2026 released an exposure draft of the guidelines regulating ring fencing operations of closely-linked entities within the Country’s financial system. Specifically, the guidelines require independent operations of closely linked entities, thereby prescribing that closely-linked entities must separately maintain appropriate governance structures and meet minimum applicable capital requirements. Moreover, they are obligated to implement separateness covenants that guarantee segregated customer funds from other closely-linked entities and establish a non-operating holding company supervised on a consolidated basis. Likewise closely-linked entities are required to obtain clear customers’ consents in instances where a service of a closely linked entity is required. The draft guidelines are in line with the Bank’s mandate to promote a sound financial system, safeguard consumer interests and strengthen regulatory oversight within the country’s financial system.
4. CBN releasesexposure draft on revised guidelines for licensing and regulating financial holding companies in Nigeria
The Central Bank of Nigeria on 10 June 2026 released an exposure draft on revised guidelines that would prescribe the licensing procedures of Financial Holding Companies as well as rules regulating their operations. The revised guidelines prescribe minimum capital requirements, addresses identified gaps in shared services agreements to prevent undue advantage over banking subsidiaries, establishes clear eligibility requirements, streamlines clear organisational structures of FHCs and prescribes ownership and control requirements requiring FHCs to hold a minimum of 51% equity stake in each subsidiary and to be registered as a person with significant control. The purpose of these revised guidelines is to strengthen the operational effectiveness and regulatory oversight of FHCs following evolving regulatory and market developments.
5. NIGSAC and OFAC updateSanctions List related to Terrorism and Terrorism Financing
The Central Bank of Nigeria in a circular dated 24 June 2026 notified all regulated financial entities of the recent sanctions designations issued jointly by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) and prescribes sanctions measures that must be immediately implemented by regulated banks and financial institutions. The measures include immediate screening of customers’ accounts against updated sanctions list, identifying and immediate freezing of assets connected to the designated persons and entities, Suspicious Transactions Reporting (STRs) to the Nigeria Financial Intelligence Unit (NFIU) upon any confirmed or suspected matches and increased monitoring. To ensure prompt and proactive compliance by institutions, all regulated entities must submit a report via the provided email detailing Match status (positive or negative), Details of affected accounts, Amounts frozen/restricted, Actions taken, or Nil returns when non-applicable, within 48 hours of the circular. The mandatory sanctions measures are intended to secure and preserve the integrity of financial systems against being used as systems for terrorism and public mishap.
6. Mandatory Prior NCC Approvalfor Changes in Ownership/Shareholding Structure
The Nigerian Communications Commission and the Corporate Affairs Communication recently released a notice to the general public, stakeholders and investors about the new compliance measure that any proposed transfer of ownership or control of shares of 10% or more in a communications company must first be approved by the NCC by a letter of ‘No Objection’ before it is registered and effected at the CAC. Accordingly, the CAC would be expected to require evidence of such approval before effecting the registration. The essence of this requirement, according to the regulatory bodies, is to ensure fair market practices and promote regulatory certainty.
7. Nigeria Army Cyber warfare School Collaborateswith the NDPC towards Advancing Data Protection and Privacy Awareness. Data Protection awareness has gone beyond merely optional but necessary, especially for personnel involved in combatting cyber threats and attacks, this statement was confirmed by the Army Cyber-warfare School led by Brigadier-General J.H. Bawa, who had taken proactive measures towards exploring areas of collaboration with the Nigeria Data Protection Commission (NDPC) specifically in training their personnel on data protection and privacy best practices as they build capacity to meet current global security realities. Other areas of collaboration also discussed include having the NDPC at the school’s annual workshop and incorporating data protection into their school curriculum.
8. SEC notifiesthe investing public on Illegal coins and crypto-currency trading Operators
Within the month, the Securities and Exchange Commission declared an online crypto currency trading platform, called CMTRADING as unregistered, unauthorised and exhibiting the typical indicator of a fraudulent Ponzi scheme. Similarly, two other disguised coins named Zugacoin (with variants like SZCB and SZCB2) & Samzuga Gpt and Punisher Coin are not registered and not approved by the Commission for issuance to the public. Investigations uncover that they are meme coins. Accordingly, the investing public is urged to refrain from the purchase or promotion of these coins or investing in the trading platform. Any engagement with them will be at their own risk. The investing public is further reminded of the need to always verify the authenticity of crypto or digital assets and trading platforms on the commission’s dedicated platform before engaging them.
Mauritian Government ApprovesNew Regulations for Data Protection Officers Effective January 2027
The Mauritian Government has approved the enactment of the Data Protection(Designation, Tasks and Position of Data Protection Officers) Regulations 2026, which set out the responsibilities and qualifications of Data Protection Officers (DPOs). Among others, the role of the officers include monitoring compliance with the Data Protection Act 2017, acting as the liaison officer with the Data Protection Office and ensuring appropriate security measures are implemented. The implementation of this regulation signals a move towards ensuring proper and adequate data protection measures are implemented in organisations. A period of six months has been given for compliance with the Regulations with operation coming into force on 01 January 2027.
2. Kenya ApprovesNew National Cybersecurity Agency
Through the National Cybersecurity Agency Order, 2026, the Kenyan National Security Agency (NCSA) was established and has been approved by Kenya’s Parliament. This agency is considered essential to oversee cybersecurity matters, ensure implementation of cybersecurity strategies and work closely with the government to coordinate national responses to cybersecurity incidents. Accordingly, due to the advancement of digital financial services in the country, the establishment of this agency has become necessary in order to coordinate and ensure proper enforcement of cyber-security efforts in the country.
3. Kenya revealsproposal to commercialise Government Data through National Marketplace
The Ministry of Information, Communication and the Digital Economy (MICDE) has unveiled a draft National Data Governance Policy that proposes to create a legal, commercial and governance framework for monetising non-personal government data like business registration trends, passport and immigration application volumes by region, birth death and marriage registration statistics, large transaction volumes, regional agricultural production data, and a National Data Governance and Emerging Technologies Council that would oversee the implementation. This initiative is aimed at making at least 1,000 datasets available over the next five years, and is projected to generate revenue for the government through licensing and data access fees.
The European Commission sets out Code of Practice on Marking and Labelling of AI-generated Contents
The Code of Practice serves as a voluntary practical guideline for deployers and providers of generative Artificial Intelligence (AI) in complying with the AI Act transparency obligations that will be effective from 02 August 2026. The obligations include clear labelling of Deepfakes and AI-generated or AI-manipulated text published on matters of public interest. It also includes that users must also be informed when they are interacting with an interactive AI system, such as a chatbot. These requirements become necessary to help people recognise when content has been generated or altered by AI, which will reduce the risk of deception and manipulation.
2. Swatch pursues$170 million in damages from Samsung over trademark infringement Following the alleged accusation of Samsung’s trademark infringement allowing digital replicas of popular Swatch Models, Omega and Tissot timepieces on its smartwatches. This is not the first time such an accusation would arise, as sometime in 2022, Samsung faced the same charge and was found liable for trademark infringement by a London Court. A ruling on damages is expected soon following the conclusion of a trial on Friday.
Indian Fintech, Cred, secures 900 million Dollars Investment from Meta at a 4.5 billion dollar valuation
I-Pulse secures 250 Million US Dollars in a deal with the United States Department of Commerce to advance its Pulsed-power Technology
We hope you found our June Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
Welcome to May’s edition of Regulatory Round-up, where we provide you with the latest regulatory developments across Nigeria, Africa, and beyond within the month. Let’s dive into a thoughtful, comprehensive update on recent developments in the regulatory landscape.
Nigeria
SEC Warns Against Unregistered Online Investment Schemes
EFCC Arrest of Saleh Mamman Signals Tougher Clampdown on Fraud and Money Laundering
NAICOM and BPP Join Forces to Tighten Insurance Checks in Public Contracts
Weak KYC on Glovo and Chowdeck Raises Compliance Concerns
NGX RegCo Boosts Investor Confidence with Over N500 Million in Recoveries
NDPC Expands Data Protection Push with BPP and Governors’ Forum
NRS and JRB Launch Unified Tax ID System for All Taxpayers in Nigeria
CBN Holds Rates Steady to Curb Inflation and Support Economic Stability
The Federal Ministry of Communications, Innovation, and Digital Economy, in collaboration with Meta launch GovGuide
Nigeria’s Digital Regulators Flag Data Sovereignty Risk as Over 90% of National Data is Hosted Outside Its Borders
Across Africa
SEC Ghana Positions Virtual Assets to Create First Generation of Young Self‑Made Millionaires and Billionaires
Kenya mandates X to establish a local office in 90 days
Malawi’s Communications Regulatory Authority (MACRA) sensitises Courier Operators towards the move to enforce data privacy in this sector
The Globe
Cambordia charges more than 50 suspects of fraud and money laundering
North Korean Hackers affiliated to 60% of total Crypto Theft Losses in 2025
UK Romance Fraud Surges Past £100 Million as Regulators Push Stronger Protections
Mergers & Acquisitions
Long Lake agreed to acquire Amex GBT in a $6.3bn deal.
Carta enters the legal sector through its acquisition of Avantia.
Deals and Raises
Tanzanian fintech startup NALA has secured up to $50 million in credit facilities to expand its global stablecoin payments infrastructure and fuel its next growth phase.
Fasset has secured $51 million in fresh funding to accelerate the expansion of its stablecoin‑powered banking and payments platform across emerging markets in Asia, Africa, and the Americas.
Fasset Raises $51 Million to Scale Stablecoin‑Powered Digital Banking Services.
SEC Warns Against Unregistered Online Investment Schemes
The Securities and Exchange Commission (‘SEC’) has issued a fresh warning about the rising promotion of unregistered online investment schemes on social media, describing them as unauthorized and potentially fraudulent and bearing the hallmarks of Ponzi or other prohibited investment arrangements. Accordingly, investors are urged to verify the registration status of any platform, company, or scheme before parting with funds, as doing otherwise exposes them to the risk of becoming victims of fraud without regulatory protection. This also signifies the importance of businesses staying compliant with regulatory standards, as it keeps them within a closely regulated and controlled environment, reassuring trust and transparency.
EFCC Arrest of Saleh Mamman Signals Tougher Clampdown on Fraud and Money Laundering
In May, investigators arrested former Power Minister Saleh Mamman in Kaduna after he was convicted of diverting over ₦22 billion meant for hydroelectric projects. The arrest underscores Nigeria’s ongoing anti-corruption drive under the EFCC, showing that even high-level officials can face accountability for fraud and money laundering. The case reflects the increasing resolve of Nigerian supervisory authorities to clamp down on fraud, money laundering, and abuse of public office, and corrupt administrators are not exempted.
NAICOM and BPP Join Forces to Tighten Insurance Checks in Public Contracts
The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) signed a memorandum to strengthen insurance compliance in public contracts, aiming to improve transparency and verification in government procurement. This supports NAICOM’s reform agenda (recapitalization, legal modernization, higher insurance penetration) and BPP’s push for digital processes to reduce corruption. For industry players, this signals tougher oversight and more reliance on insurance bonds in public tenders.
Weak KYC on Glovo and Chowdeck Raises Compliance Concerns A Techpoint Africa investigation found that food delivery apps Glovo and Chowdeck lacked adequate vendor due diligence. Investigators easily onboarded a fictitious “restaurant” using fake documents, exposing weak KYC (Know-Your-Customer) controls. This shortfall heightens fraud risk and undermines platform integrity, reminding regulators and firms that strict customer/vendor verification is essential to prevent financial loss and reputational damage. Ultimately, compliance is not a mere formality; it is the legal and operational safeguard that protects the market, its users, and the integrity of the business ecosystem.
NGX RegCo Boosts Investor Confidence with Over N500 Million in Recoveries
NGX Regulation Limited (‘NGX RegCo’) recovered over N500 million in investor complaints against market operators. In one case, it secured N326.85 million for an investor over an unauthorised share transaction. The recoveries address legacy issues such as unauthorised trades, disputed proceeds, and account discrepancies. They were supported by stronger surveillance, post-trade controls, and settlement reforms, including direct cash settlement. The move underscores efforts to deepen trust, accountability, and confidence in the capital market.
NDPC Expands Data Protection Push with BPP and Governors’ Forum Nigeria Data Protection Commission (‘NDPC’) has signed MoUs with the Bureau of Public Procurement (‘BPP’) and the Nigeria Governors’ Forum to strengthen data protection and privacy compliance. The move is aimed at bringing data governance closer to public procurement and state-level administration. For the public, it signals stronger accountability and better protection against misuse of personal data. It also shows NDPC is using collaboration to drive compliance across institutions. In practical terms, data protection is becoming a core part of how the government is expected to operate.
NRS and JRB Launch Unified Tax ID System for All Taxpayers in Nigeria The Nigeria Revenue Service (NRS) and Joint Revenue Board (JRB) have introduced the Tax ID under the Nigeria Tax Administration Act, 2025. It gives every taxable person in Nigeria a single tax identity for all tax dealings. The system is designed to simplify compliance, improve transparency, and reduce duplication. It will replace the existing TIN Validation API for MDAs, financial institutions, and other organizations. For integration or validation, contact the JRB for individuals, enterprises, and business names, or the NRS for corporate entities.
CBN Holds Rates Steady to Curb Inflation and Support Economic Stability In its May meeting, the Central Bank of Nigeria kept its Monetary Policy Rate at 26.5% and maintained high cash-reserve ratios to continue fighting inflation. This move signals a preference for price stability despite some relief efforts. For the public, this may help ease price pressures gradually, though credit will likely remain costly. For financial institutions, it means tighter liquidity, as banks must still keep substantial funds with the CBN. The update is important because it shows a continued preference for price stability over cheaper credit. Overall, it signals caution and a deliberate effort to steady the economy.
The Federal Ministry of Communications, Innovation and Digital Economy in collaboration with Meta launch GovGuide The Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) in collaboration with Meta, has launched GovGuide, an AI chatbot designed to give Nigerians easier access to comprehensive information on government services. It signals how public institutions are adopting technology to modernize service delivery. By leveraging artificial intelligence, the Ministry is making public services more accessible and responsive.
Nigeria’s Digital Regulators Flag Data Sovereignty Risk as Over 90% of National Data is Hosted Outside Its Borders Nigeria’s digital regulators have sounded a strong warning that over 90% of the country’s data is hosted outside its borders, calling this a major risk to national security, economic resilience, and digital sovereignty. NITDA and the Nigeria Data Protection Commission highlighted the need for urgent investment in local data infrastructure, including the Nigerian Sovereign Cloud Project, aimed at strengthening domestic cloud providers, cutting reliance on foreign hyperscalers, and bringing data hosting back into the country.
SEC Ghana Positions Virtual Assets to Create First Generation of Young Self‑Made Millionaires and Billionaires
The Securities and Exchange Commission [‘SEC’] Ghana has positioned the country’s virtual assets ecosystem as a catalyst for a new era of wealth creation, potentially producing Ghana’s first generation of self‑made millionaires and billionaires under 40. To achieve this, it has established a Virtual Assets Committee and is working with the Bank of Ghana to implement the Virtual Asset Service Providers Act, 2025, to balance innovation with market stability and investor protection.
Kenya mandates X to establish a local office in 90 days
The social media platform, X, has been put under a 3-month timeline to establish a local physical presence in the country. This requirement, according to the Cabinet Secretary for the Ministry of Information, Communication and the Digital Economy, forms part of the broader effort towards discouraging social media participation of underage individuals, enforcing content moderation, and ensuring stricter accountability and transparency in the country.
Malawi’s Communications Regulatory Authority (MACRA) sensitises Courier Operators towards the move to enforce data privacy in this sector The advent of more businesses relying on online orders and utilising digital systems to provide their services also means more disclosure of personal data of customers that the logistics company or courier services would need to obtain to make package deliveries. This realisation shows an underlying risk of misuse of personal data by these companies, hence prompting the Communications Regulatory Authority to take proactive actions against this. They have organised a workshop to educate these companies on what they can and cannot do with customer records and how to properly manage customer information under the Data Protection Act. This act is driven by an understanding that Trust is now a part of the business.
Cambordia charges more than 50 suspects of fraud and money laundering The Cambodian authority has taken bold steps towards curbing money laundering and enforcing improved compliance with regulatory efforts following the recent raids that happened in certain provinces of the country. This raid uncovered several money laundering and fraudulent activities that had been taking place in some areas, some of which had been ongoing since 2024. This step has been applauded by the UNODC, while the investigator and founder of Operation Emrock commented that scams remain a major issue in the country. The situation of fraud has, in fact, led to new legislation that stipulates a life imprisonment sanction for fraud-related activities/offences in the country.
North Korean Hackers affiliated to 60% of total Crypto Theft Losses in 2025
Cryptocurrency theft is believed to have become a major revenue stream for the North Korean state, used to support its nuclear weapons program. In just one 2025 incident, North Korean hackers stole $1.5 billion from the cryptocurrency firm Bybit, the largest cryptocurrency theft ever recorded. Although among the recorded theft incidents, only 12% was recorded to be from North Korea, it signifies how they focus on high-value targets. The laundering process is confirmed to be complex where the report reveals that the famous Bybit theft, the stolen ETH was laundered into Bitcoin within a month. To limit risk, CertiK has urged potentially vulnerable companies to use video interviews with liveness checks and background verification designed to detect AI and borrowed identities, apply zero-trust security policies to remote freelancers, inform employees of social engineering risks, introduce withdrawal delays, and protect critical infrastructure such as bridges and hot wallets.
UK Romance Fraud Surges Past £100 Million as Regulators Push Stronger Protections UK victims lost over £102 million (about $138 million) to romance fraud last year as criminals increasingly used fake online relationships to manipulate people into sending money, according to the City of London Police. Authorities are urging firms and consumers to treat unsolicited romantic contacts that quickly ask for money or avoid video calls as potential red flags and to report such activity promptly through the national fraud‑reporting service.
Long Lake agreed to acquire Amex GBT in a $6.3bn deal. Long Lake Management, a US-based investment management firm, has entered into an agreement to acquire American Express Global Business Travel, an enterprise travel management platform, for $6.3 billion in an all-cash transaction.
Bullish set to acquire Equiniti for $4.2bn Bullish, a crypto exchange and Blockchain Technology group, has secured an acquisition deal with Equiniti, a Shareholder Services Company. amounting to $4.2 billion. This deal is set to close by January 2027 following regulatory approvals and standard closing requirements.
Carta enters the legal sector through its acquisition of Avantia. Carta, a software company that manages equity, cap tables, and valuations for companies and investors, is expanding into legal services by acquiring Avantia, a legal and compliance service firm that implements AI to execute solutions provided. The deal’s financial terms remain undisclosed.
Tanzanian fintech startup NALA has secured up to $50 million in credit facilities to expand its global stablecoin payments infrastructure and fuel its next growth phase.
Fasset has secured $51 million in fresh funding to accelerate the expansion of its stablecoin‑powered banking and payments platform across emerging markets in Asia, Africa, and the Americas.
Fasset Raises $51 Million to Scale Stablecoin‑Powered Digital Banking Services
We hope you found our May Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
Welcome to our April Regulatory Roundup from Regcompass. In this Regulatory Update, we bring you the very latest regulatory news and insights across Nigeria, Africa, and beyond. Beyond reporting developments, we interpret what these changes mean for regulated institutions, fintechs, and market entrants, highlighting emerging risks, compliance obligations, and strategic opportunities.
The Federal Competition and Consumer Protection Commission has been temporarily restrained by a Federal High Court in Lagos from enforcing key provisions of its 2025 digital lending regulations, following a suit by Wireless Application Service Providers Association of Nigeria. The court granted an interim injunction pending a substantive hearing in 2026, which means, lenders can continue existing nano-credit products (like airtime/data loans) until the case is resolved. It should be noted that Telcos in Nigeria announced it has paused its “Xtratime” airtime-and-data loan product to comply with the new FCCPC rules. The dispute reflects a continuous overlap between consumer protection, telecom, fintech, and data privacy regulators in Nigeria. The eventual ruling could become an important precedent for how fintech regulations are structured and enforced.
2. CBN LAUNCHES CRYPTO AML/CFT/CPF SUPERVISION PILOT
The Central Bank of Nigeria has launched a supervisory pilot program for crypto and payment service providers, including Flutterwave, Paystack, cNGN, Juicyway, KoinKoin and KuCoin to assess risks . This Pilot mandates monthly metrics and reviews on customer onboarding, transaction monitoring, AML/CFT controls in virtual assets environment including the travel rule control, sanctions screening, etc from these institutions, to boost integrity without granting licenses. This effort shows regulators are targeting practical control gaps rather than announcing new headline rules. It also aligns with Nigeria’s effort to maintain credibility after exiting the Financial Action Task Force grey list.
3. CBN ORDERS SUBMISSION OF UPGRADED AML SYSTEMS BEFORE DEADLINE
Following baseline standards issued in March, the CBN now requires every bank and regulated institution to submit a detailed roadmap (using the prescribed CBN template) by 10 June 2026 for upgrading to automated AML/CFT/CPF systems. In effect, traditional manual processes must be replaced by real-time, integrated compliance engines. Firms that delay risk heavy penalties (NN10M daily) and likely regulatory scrutiny. This mandate sharply raises the bar: banks and fintechs should now be actively planning system overhauls or vendor procurements to meet the June deadline.
4. FLUTTERWAVE ACHIEVES MAJOR MILESTONE WITH NIGERIAN BANKING LICENCE
Nigerian payments unicorn Flutterwave announced it secured a CBN-approved Microfinance Banking license. This allows Flutterwave to hold customer deposits and offer banking services (accounts, payments, lending) directly, rather than routing everything through partner banks. It also signals regulator openness to new digital banks emerging from tech firms.
5. CBN WARSNS AGAINST FRAUDULENT MESSAGES AND FAKE ONLINE COMMUNICATIONS
The Central Bank of Nigeria alerted the public to a rise in fake CBN messages and phishing attempts. These communications are designed to mislead recipients and prompt unsafe actions such as clicking malicious links or sharing sensitive information. By directing the public to its official website, the Bank is reinforcing a single source of truth for verification. CBN’s stance highlights the increasing importance of user awareness as a first line of defense alongside institutional cybersecurity investments. The advisory implicitly reinforces the need for stricter digital hygiene and stronger authentication practices across Nigeria’s financial ecosystem.
6. CBN TIGHTENS BVN FRAMEWORK WITH DEVICE RESTRICTIONS AND ENHANCED FRAUD CONTROLS (EFFECTIVE MAY 1)
The Central Bank of Nigeria is recalibrating the BVN framework to address rising digital fraud vectors, particularly those linked to mobile banking access and identity compromise. Measures targeting SIM-swap and phone number changes indicate a direct response to identity takeover risks prevalent in Nigeria’s telecom-banking interface. Also, the BVN watchlist and temporary restrictions mirror elements of global AML surveillance but are adapted to Nigeria’s unique biometric identity infrastructure. Age restriction to 18 years and transaction cap on new devices shift towards preventive control. Overall, the reforms aim to strengthen trust in digital financial services by reducing vulnerabilities at the user authentication and device level.
7. NDPC BEGINS INVESTIGATION INTO ALLEGED DATA BREACH AT CAC
The Nigeria Data Protection Commission announced that it has launched an investigation into a suspected breach at the Corporate Affairs Commission. According to NDPC, the investigation is part of efforts to maintain confidence in Nigeria’s Digital Economy. This means that companies must now implement stronger cybersecurity controls and maintain audit ready documentation.
The Central Bank of Kenya has expanded its licensed digital credit providers to 227 after approving 32 new firms in April 2026.. The move reinforces that only licensed lenders may operate legally, with the CBK warning the public against unlicensed apps that often charge exorbitant rates and use abusive collection tactics. For pan-African fintechs, the Kenya model shows regulators’ seriousness: heavy fines and warnings await any digital lender not on the official list.
2. CABINET SUBMITS THE CONDUCT OF FINANCIAL INSTITUTIONS (COFI) BILL TO THE PARLIAMENT
South Africa is consolidating its conduct regulation through the COFI Bill, reinforcing the Twin Peaks model by centralising market conduct oversight while enabling innovation. The Bill also embeds transformation and consumer protection objectives notably through mandatory alignment with the Financial Sector Code. It introduces a more differentiated approach to licensing which aims to facilitate the entry of new players including Financial Technology (fintech) firms. The Bill aims to enhance transparency, accountability and stability in the financial sector.
3. THE BANK OF GHANA COLLABORATES WITH SEC AND FIC TO REGISTER AND LICENCE VASPS IN GHANA
Ghana’s proposed VASP licensing regime reflects a shift from crypto restriction to supervised participation. The coordinated role of the Bank of Ghana, Securities and Exchange Commission and Financial Intelligence Centre indicates a multi agency oversight model covering securities and financial crime risks. Strategically, the framework may improve Ghana’s position as a more structured digital asset market within Afric
U.K Bank Rescue Law Gets U.S Green Light
The Bank of England has introduced a new bail-in mechanism using provisional rights (PROPPs) allowing bondholders to receive temporary claims before final equity allocation in a bank rescue. In parallel, US regulators (SEC) issued a “no-action” letter confirming they won’t block UK banks from using PROPPs in a cross-border resolution. In short, bondholders of a failing UK bank would first receive temporary claims (not outright equity), with final allocations made after regulators calculate losses. The US assurance removes a legal roadblock: banks can now plan foreign bail-ins faster (without worrying that US investors will sue over unregistered securities). The change improves flexibility and speed in resolving failing banks while regulators determine accurate creditor pay-outs.
The Financial Crimes Enforcement Network has proposed a major overhaul of AML/CFT rules under the Bank Secrecy Act, shifting focus from volume-based compliance to effectiveness in combating illicit finance. The key shift is banks must measure success by effectiveness at stopping crime, not by volume of reports.
FinCEN explicitly stated it is “restoring common sense” refocusing on keeping “bad actors out”. In practice. US financial Institutions expect future exams to demand proof that AML controls work in reality. Large global banks should review policies now, emphasize proactive risk targeting and continuous monitoring over rote SAR/CTR filing. This proposal (mandated by the AML Act 2020) signals a global trend: regulators everywhere will ask for demonstrable impact, not paperwork.
3. UK OFSI FINES APPLE £390,000 INLANDMARK SETTLEMENT CASE
The UK’s Office of Financial Sanctions Implementation (OFSI) fined Apple Distribution International (Ireland) £390,000 for breaching Russia sanctions. In 2022, ADI paid a Russian app developer (linked to sanctioned Sberbank) using a UK bank account. Although Apple did not intend a breach, OFSI held the subsidiary liable for screening failures. This was OFSl’s first case via its new settlement process. The lesson is even unintentional sanctions breaks (via global banks) can incur penalties. Multinational companies must ensure all subsidiaries (and their payment routes) have robust sanctions screening.
PAKISTAN ENDS 2018 BAN, ALLOWS BANKS TO SERVICE LICENSED CRYPTO PROVIDERS Pakistan has moved from banning crypto banking access to regulating it through licensed market participation. Banks can now serve approved crypto firms, but cannot hold, trade or invest in crypto themselves. This reduces systematic banking risk while enabling legal fiat access for millions of users. With about 40 million users, Pakistan is formalizing a previously shadow retail crypto market. If regulation is credible, Pakistan could emerge as a major emerging market crypto hub.
RIPPLE TARGETS AFRICA GROWTH AS CRYPTO USAGE JUMPS 52% Ripple’s recent report highlights that Sub-Saharan Africa saw >$205 billion in crypto flows in the past year, a 52% jump year-over-year. Nigeria alone ranks among the world’s top adopters. Amid this growth, Ripple is expanding payments and stablecoin services on the continent. The company points out that as more African countries clarify crypto regulations, demand for crypto remittances, payments, and tokenized assets is taking off. For African regulators and fintechs, the takeaway is clear: crypto is no longer fringe in Africa, it’s rapidly scaling for real use cases (remit/finance) and will attract further institutional investment.
Linx Security led by global software investor Insight Partners, with continued participation from existing backers Cyberstarts and Index Ventures has raised $50m in Series B funding to tackle identity risks.
Depthfirst, an Al Security Lab led by Meritech Capital with participation with other Ventures and Funds has raised $80m in Series B funding round.
MTN Nigeria to sell a 60 percent stake in MOMO PSB and Y’ello Digital Financial Services to MTN Group, its South African parent company for 95.5 Billion Naira.
Competition and Authority of Kenya approves Moniepoint Acquisition of 78% stake in Sumac Microfinance Bank Limited.
Australian Payment Provider Cuscal Limited acquires Paymark Limited for $21 million.
SirMapy and Co. Decentralised Autonomous Organisation has acquired Nigeria Crypto Startup, Bread Africa in an undisclosed all Cash six figure deal.
Zenith Bank Pie acquires 100 percent shareholding of Paramount Bank in Kenya for an undisclosed amount.
We hope you found our April Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
Welcome to our March Regulatory Roundup from Regcompass Consults.
In this Regulatory Update, we bring you the very latest regulatory news and insights across Nigeria, Africa, and beyond.
Beyond reporting developments, we interpret what these changes mean for regulated institutions, fintechs, and market entrants, highlighting emerging risks, compliance obligations, and strategic opportunities.
IN THIS EDITION
News In Nigeria
House of Representatives Advances Hearing on Fintech Regulatory Commission Bill
Kenya and RwandaSign Mutual Recognition Agreement for Payment Licences
KenyaProposes Artificial Intelligence (AI) Bill as African Governments Use Data Protection Laws to Govern AI
Inclusive FinTech ForumConvenes in Kigali with Regulatory Fragmentation as Key Barrier
Across the World
CanadaCompletes First Tokenised Bond Issuance on Distributed Ledger Technology (DLT) Under Project Samara
RevolutReceives Full Prudential Regulation Authority (PRA) Approval to Launch Bank in the UK
UK GovernmentAdvances Plans to Abolish the Payment Systems Regulator
Crypto Scoop
US SenateNegotiates Stablecoin Yield Compromise to Advance Digital Asset Market Clarity Act
KASTRaises $80M to Scale Stablecoin Neobank Globally Including Naira Payouts
Deals and Raises
Mergers and Acquisitions
House of Representatives Advances Public Hearing on Proposed Fintech Regulatory Commission Bill
A public hearing on 02 March 2026 tested industry appetite for a Nigerian Fintech Regulatory Commission (NFRC) that would consolidate licensing and supervision currently split across the CBN, the Securities and Exchange Commission (SEC), the Nigeria Data Protection Commission (NDPC), and the Federal Competition and Consumer Protection Commission (FCCPC) into one statutory body. Telecom operators backed the bill while fintechs, including OPay, raised concerns about duplication and rising compliance costs. If passed, this bill will fundamentally reshape how Nigeria’s 430+ fintech operators are licensed and at what cost, making it one of the most consequential legislative proposals in the sector this year.
Thirty of Nigeria’s thirty-five banks met the Central Bank of Nigeria’s (CBN) new minimum capital thresholds ahead of the 31 March deadline, with Union Bank and Unity Bank satisfying the requirement through a CBN-approved merger. The exercise mobilised over ₦4.05 trillion in fresh capital, with 28% sourced from foreign investors, making it Nigeria’s most significant banking reform since 2004. Banks that missed the deadline face licence revocation, and the sector’s strong foreign capital uptake signals that Nigeria’s banking industry is open and investible which creates compliance, audit, and restructuring implications for both banks and their counterparties.
CBN Mandates Automated AML/CFT/CPF Systems for Financial Institutions
The Central Bank of Nigeria (CBN) has issued baseline standards requiring financial institutions to implement automated AML/CFT/CPF systems. These systems must support real-time transaction monitoring, detect suspicious activity, and enable regulatory reporting. With implementation timelines of 18–24 months, institutions must transition from manual processes to technology-driven compliance frameworks. This raises the operational bar and creates immediate demand for system upgrades, regulatory advisory, and implementation support.
CBN Introduces New Security Controls for Instant Payments
The Central Bank of Nigeria (CBN) has introduced new enhanced authentication requirement security measures for instant payment transactions, targeting fraud prevention and customer protection across digital channels. The directive strengthens risk controls within Nigeria’s instant payments ecosystem, which processes transactions in real time across banks and fintech platforms. Financial institutions will need to update their systems to align with the new requirements and reduce exposure to fraud as instant payments continue to scale.
CBN TightensBVN Compliance Across Financial Services
The CBN reinforced mandatory Bank Verification Number (BVN) linkage across the entire customer lifecycle and warned against fraudulent collection practices that use impersonation and fraudulent job offers to harvest identity data. BVN collection remains restricted to approved financial institutions and authorised channels only. This directive reinforces BVN as the cornerstone of Nigeria’s Know Your Customer (KYC) framework. Institutions that have not built BVN verification into every stage of the customer lifecycle now carry both a compliance gap and a direct fraud exposure.
Wise, the UK remittance fintech, received regulatory approval to launch its services in Nigeria, announced within a UK government communiqué following the UK-Nigeria Enhanced Trade and Investment Partnership dialogue on March 16, 2026. While Nigerians have accessed Wise indirectly through cross-border corridors and third-party integrations, full local presence changes the competitive dynamic entirely. For Nigerian and Africa-focused remittance operators, this signals that the market’s most attractive corridors are attracting the world’s best.
Kenya and RwandaSign Mutual Recognition Agreement for Payment Licences
The Central Bank of Kenya (CBK) and the National Bank of Rwanda (NBR) signed a framework allowing payment fintechs licensed in one country to operate in the other without a separate application, forming part of the East African Community’s (EAC) cross-border payments masterplan. This development directly reduces expansion costs and timelines for fintechs operating across both markets. For pan-African operators, this is a live blueprint for regulatory harmonisation and a signal that East Africa is setting the pace on licence portability across the continent.
KenyaProposes Artificial Intelligence (AI) Bill as African Governments Use Data Protection Laws to Govern AI
Kenya’s Artificial Intelligence (AI) Bill was formally introduced in the Senate on 19 February 2026 and is now advancing through the legislative process, proposing registration requirements for certain AI systems, transparency standards, and mandatory risk management frameworks. A March 2026 report by the Future of Privacy Forum (FPF) found that across seven African countries, data protection laws are increasingly functioning as the primary instrument of AI governance, as standalone AI legislation catches up. For financial institutions, AI governance is rapidly becoming a core compliance function, particularly in credit scoring, fraud detection, and onboarding processes.
Inclusive FinTech ForumConvenes in Kigali with Regulatory Fragmentation as Key Barrier
The third Inclusive FinTech Forum drew over 3,000 delegates to Kigali from 10 to 12 March, with central bankers, operators, and investors converging on digital currency corridors, artificial intelligence (AI) powered financial inclusion, and open finance frameworks. It fragmented licensing regimes as the primary barrier to fintech scale in Africa and regulatory harmonisation and cross-border frameworks emerged as central themes. This reinforces the strategic importance of regulatory advisory in enabling expansion across multiple African markets. Rwanda’s rise to 3rd in Africa and 67th globally on the Global Financial Centres Index (GFCI) reflects the dividend of deliberate, enabling regulation.
CanadaCompletes First Tokenised Bond Issuance on Distributed Ledger Technology (DLT) Under Project Samara
A consortium of Canadian institutions, including the Bank of Canada (BoC), Royal Bank of Canada (RBC) Capital Markets, TD Bank Group, and Export Development Canada (EDC), completed the country’s first tokenised bond issuance on a permissioned distributed ledger in March 2026 under Project Samara. The exercise involved a single CAD 100 million bond with a maturity of under three months, settled in central bank money, with the Bank of Canada confirming that operational efficiency, data integrity, and workflows were all improved by the process. For regulated capital markets participants globally, this is a significant proof of concept: tokenised bond settlement on distributed ledger technology is no longer theoretical, and the race to build the compliance infrastructure that supports it has begun.
RevolutReceives Full Prudential Regulation Authority (PRA) Approval to Launch Bank in the UK
Revolut Bank UK received regulatory approval from the Prudential Regulation Authority (PRA) in March 2026 to exit the mobilisation phase and launch as a fully licensed bank in the United Kingdom (UK), ending a five-year licensing journey that began in 2021. The lifted restrictions pave the way for Revolut to expand into lending and a wider range of banking products across the UK. For regulated fintechs on the African continent eyeing UK expansion, this milestone is instructive: the PRA mobilisation process is long and demanding, but it now has a proven path to full authorisation.
UK GovernmentAdvances Plans to Abolish the Payment Systems Regulator
The United Kingdom (UK) government is progressing legislation to fold the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA), with full consolidation expected by end of 2026 as a deliberate pro-growth measure. TWhile this simplifies regulatory structure, it is expected to increase enforcement intensity due to the FCA’s broader mandate. Firms operating or expanding into the UK must prepare for stricter conduct and compliance expectations.
US SenateNegotiates Stablecoin Yield Compromise to Advance Digital Asset Market Clarity Act
US senators continued negotiations in March 2026 to advance the Digital Asset Market Clarity Act, stalled over a dispute between banks and crypto platforms about whether stablecoin holders should be permitted to earn rewards on their holdings. The banking industry argues that stablecoin rewards function like deposit interest and risk triggering deposit flight from traditional institutions, while the crypto sector argues restrictions would stifle innovation. The emerging compromise centres on permitting transaction-based rewards rather than balance-based rewards. This has direct implications for African fintechs relying on USD stablecoins, as it will shape product design, revenue models, and regulatory exposure.
KASTRaises $80M to Scale Stablecoin Neobank Globally Including Naira Payouts
KAST’s $80 million raise reflects growing institutional confidence in stablecoin-based financial infrastructure, particularly for cross-border payments. With support for multiple currencies including the naira, its expansion positions it as a direct competitor in emerging market payment ecosystems, increasing both innovation and regulatory scrutiny.
Ualá (Argentina neobank) secures$195M in equity financing led by Allianz X, reaching a $3.2B valuation for Latin American expansion.
Uzum (Uzbekistan digital bank) raises$130M+ led by sovereign entities of the Sultanate of Oman at a $2.3B pre-money valuation.
Stacks (UK agentic AI fintech) raises$23M Series A led by Lightspeed to automate operational finance workflows for businesses.
Orca Fraud (South African fraud detection startup) closes$2.35M seed round led by Norrsken22 with participation from Enza Capital and CV VC Africa.
Rowspace (United States (US) AI fintech for private equity) launches with $50M in total funding led by Sequoia and Emergence Capital.
Revolutacquires a European payments footprint as J. Safra Sarasin completes its €1.1B acquisition of Saxo Bank, approved by the Swiss Financial Market Supervisory Authority (FINMA) and Danish Financial Supervisory Authority (DFSA).
J. Safra Sarasincompletes its €1.1B acquisition of Saxo Bank, approved by the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).
Rampacquires Swedish fintech Billhop to secure European payment licences and expand its corporate spend management platform into the European Union (EU).
Royal Bank of Canada (RBC)acquires Canadian mortgage fintech Pinch Financial to accelerate its digital mortgage roadmap across Canada.
Kenya Commercial Bank (KCB) Grouppursues acquisition of a stake in Pesapal, the regional payments platform licensed across five East African markets, with regulatory approval pending.
We hope you found our March Regulatory Roundup 2025 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
February may be the shortest month of the year, but it delivered no less regulatory developments. From enforcement actions to policy signals, this roundup highlights the regulatory developments businesses and compliance teams should pay attention to.
The Central Bank of Nigeria has issued its first comprehensive fintech report, highlighting growth in real-time payments and broader industry participation, while flagging persistent gaps in licensing and risk management. This signals a shift from informal engagement to structured regulatory oversight, requiring fintech operators to strengthen governance frameworks and compliance planning.
2. OFAC Updates Sanctions List; Implications for Nigerian reporting entities
OFAC has updated its sanctions list, designating eight Nigerians and three entities linked to cybercrime and terrorist financing, triggering asset freezes and financial restrictions. This reinforces the need for all regulated entities; to conduct regular sanctions screening, ensure counterparties remain compliant, and promptly escalate any positive matches to mitigate regulatory infraction and reputational risk.
With inflation showing signs of easing, the Central Bank of Nigeria has lowered its benchmark interest rate to 26.5% at its 304th Monetary Policy Committee meeting on 23–24 February 2026. The move will impact borrowing costs, liquidity management, and risk strategies, prompting banks to adjust capital planning, lending policies, and internal risk monitoring.
4. Nigeria’s Data Protection Commission ProbeInto Temu Continues Amid Ongoing Compliance Concerns
Nigeria’s NDPC has opened a formal investigation into Temu, citing potential breaches of data minimisation and processing obligations. The action highlights the regulator’s focus on personal data protection and signals to all businesses processing personal data in Nigeria that data protection is mandatory, with compliance may attract regulatory scrutiny.
5. NGX Imposes over ₦540M in Compliance Fines on Listed Companies
NGX Regulation Limited has fined 34 listed companies a total of over ₦540 million for missing financial filing deadlines. The penalties signal that the Exchange treats disclosure timelines as key governance obligations, not mere administrative tasks. Listed companies must strengthen internal reporting and board oversight to stay compliant.
6. FRC Mandates Audit Firms and Assurance Service Providers to Register by 1 April 2026
The Financial Reporting Council (FRC) has directed the closure of unregistered audit and assurance firms effective 1 April, 2026, to protect the integrity of statutory audit opinions. The move signals stricter oversight of the profession and requires firms to complete registration promptly. The effectiveness of this measure will depend on intentional enforcement by the FRC.
The FRC has released the amended Roadmap for the Adoption of IFRS Sustainability Disclosure Standards (2026) and Sustainability Reporting Guideline 1 (SRG 1) 2026, providing clearer timelines, scope, and implementation guidance for IFRS S1 and IFRS S2 adoption. The update addresses previous market uncertainties, including reporting timelines, assurance requirements, and eligible professionals for sustainability reporting. The move signals a transition to more structured and enforceable sustainability disclosure requirements, requiring companies to assess readiness, strengthen governance frameworks, and align ESG data and reporting processes with evolving regulatory expectations.
Kenya fines GTBank Kenya regarding Corporate Lending Misconduct.
The Competition Authority of Kenya has fined Guaranty Trust Bank Kenya KES 33.18 million ($257,000) over its loan restructuring practices, signalling increased scrutiny of fairness and transparency in corporate lending. The move expands competition oversight into areas traditionally regulated by the Central Bank, raising the need for banks to reassess lending practices through both regulatory and competition law lenses. Regulators in Kenya are placing greater focus on fairness and transparency in corporate lending, treating loan restructurings as competition matters. The recent fine of Guaranty Trust Bank Kenya, KES 33.18 million ($257,000) illustrates how the Competition Authority is expanding into areas traditionally overseen by the Central Bank. This raises the question – is this a necessary regulatory evolution or a potential overreach of authority?
2. Kenya’s Central Bank Signals a Regulatory Reset for the Financial Sector
The Central Bank of Kenya has invited consultants to review the Central Bank Act and Banking Act, signalling a potential regulatory reset for the financial sector. The exercise aims to close legal gaps and clarify the CBK’s authority over non-traditional financial institutions as Kenya’s fintech and digital finance ecosystem expands.
FATF expands Grey List, Tightening Global AML Scrutiny.
The Financial Action Task Force has placed Kuwait and Papua New Guinea under monitoring due to gaps in its anti-money laundering and counter-terrorism financing frameworks. While grey-listing is not a sanction, it signals higher risk for international transactions, prompting regulated entities to revisit country risk assessments, and closely monitor cross-border activities.
FinCEN has relaxed the requirement for covered financial institutions to re-verify beneficial owners each time a legal entity opens a new account. Verification is now required only at account onboarding, when facts reasonably call into question previously obtained ownership information, or based on the institution’s risk-based ongoing due diligence procedures. This change streamlines account openings, reduces redundant documentation, and allows institutions to focus resources on higher-risk relationships while maintaining effective AML oversight.
3. UK Payments Regulator Fines Bank of Ireland UK over Consumer Protection Delays.
The Payment Systems Regulator (PSR) has fined Bank of Ireland UK £3.78 million for failing to implement Confirmation of Payee (CoP) since the October 31, 2023 deadline. CoP enables customers to verify that the account they are paying matches the intended recipient, helping prevent fraud and misdirected payments.
Crypto Regulation in Focus as US Lawmakers Move on the Clarity Act.
US policymakers are pushing for passage of the Clarity Act, but debate over whether exchanges can offer interest or rewards on stablecoins is slowing progress. While such rewards could pull deposits from traditional institutions, undue restriction on crypto firms would stifle innovation.
The Hong Kong Monetary Authority is set to issue its first stablecoin licences in March, marking a transition from sandbox experimentation to fully regulated market activity. Firms looking to participate will be expected to demonstrate robust governance and compliance frameworks.
3. EU Backs the Digital Euro in Major Policy Signal.
The European Parliament has given initial approval for a central bank digital currency designed to function both online and offline, with built-in safeguards for privacy, financial stability, and financial inclusion. For financial institutions and virtual asset service providers, this signals the need to begin planning for potential shifts in liquidity management, wallet infrastructure, and compliance frameworks ahead of a possible 2029 launch.
BlueCore Gas InfraCo Completes Acquisition of Axxela, Strengthening Nigeria’s Gas Infrastructure
PNC Financial Receives Approval to Complete Acquisition of FirstBank Holding Company
SoftBank Acquires DigitalBridge to Strengthen Global Digital Infrastructure Investment
Mollie Acquires GoCardless in Major European Payments Consolidation
GSK Acquires 35Pharma for $950 Million to Boost Drug Development Pipeline
MTN Group Moves to Fully Acquire IHS Towers in a $6.2 Billion Deal
World Labs Secures $1 Billion in Series Funding for 3D AI Innovation
Breadfast Secures $50 Million Pre-Series C Funding in Egypt
We hope you found our February Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email, and we would be available to help.
Also, share your thoughts in the comments below, and let’s continue the conversation!
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.
