September Regulatory Roundup 2026

September 2026 Regulatory Roundup

Welcome to September’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.

Table of Contents

Nigeria

1. SEC Proposes New Rules for Online Forex and CFD Trading
2. CBN Strengthens Supervisory Focus on Terrorism Financing Risk
3. NFIU Moves to Establish Joint Financial Intelligence Collaboration with Private Sector
4. CBN Cuts Monetary Policy Rate to 23 Per Cent
5. CBN and Ministry of Finance Formalise Fiscal-Monetary Policy Coordination
6. SEC Begins Implementation of IFRS Sustainability Disclosure Standards
7. NAICOM Issues Guidelines on Insurance Policyholders
8. PenCom Issues Circular on Asset Crossing Between Pension Funds
9. SEC Warns Investors as Dangote Refinery IPO Opens

Across Africa

1. Ghana Strengthens Regulation of Digital Credit Providers
2. Ghana Issues New Corporate Governance Guidelines for Payment Service Providers
3. South Africa Completes Transfer of Payment-System Functions to SARB and PayInc
4. Ghana Moves Towards Stronger Crypto-Market Supervision

The Globe

1. FATF Highlights New Money-Laundering Risks in Gaming and Gambling
2. UK Opens Authorisation Gateway for New Cryptoasset Regime
3. FATF Warns of Increasing Use of Underground Banking and Hawala for Professional Money Laundering

Mergers & Acquisitions

1. Circle Agrees $400 Million Acquisition of Tazapay
2. Grab Agrees $1.49 Billion Acquisition of Majority Stake in Atome Financial
3. S&P Global Agrees to Acquire OpenZeppelin

Deals and Raises

1. Nomba Secures $3 Million Debt Facility for Cross-Border Payments
2. Egypt’s Synapse Analytics Raises $13 Million to Expand AI Decisioning for Financial Institution.

1. SEC Proposes New Rules for Online Forex and CFD Trading

The Securities and Exchange Commission (SEC) published proposed Rules on Online Forex Trading and Contracts for Difference (CFDs), seeking to bring both local operators and offshore platforms targeting Nigerian residents within a formal regulatory framework. The proposal covers online forex brokers, introducing brokers and technology/platform providers, with proposed capital requirements ranging from ₦30 million for individual introducing brokers to ₦5 billion for technology and platform providers. The proposed framework also introduces operational, governance, cybersecurity and investor-protection requirements. Although the rules are not yet in force, operators serving Nigerian users should begin assessing how the proposed framework could affect their licensing, ownership, capital and operating models.

2. CBN Strengthens Supervisory Focus on Terrorism Financing Risk

The Central Bank of Nigeria (CBN) has elevated terrorism financing (TF) supervision to a current supervisory priority, with particular attention to TF risk management, transaction monitoring, targeted financial sanctions and suspicious transaction reporting. The Bank stated that it will continue using risk-based on-site and off-site supervision to assess AML/CFT/CPF controls in line with existing legal and regulatory obligations. This does not introduce a new terrorism-financing regulation; rather, it signals that existing controls will face closer supervisory scrutiny. Financial institutions should therefore ensure that their TF controls are not only documented but demonstrably effective in practice.

3. NFIU Moves to Establish Joint Financial Intelligence Collaboration with Private Sector

The Nigerian Financial Intelligence Unit (NFIU) convened a high-level engagement with banks, fintechs, insurers, virtual asset service providers and other stakeholders to develop a proposed Joint Financial Intelligence Collaboration (JFIC). The initiative is intended to create a structured public-private mechanism for sharing financial intelligence, identifying emerging threats and disrupting illicit financial networks. The development points towards greater collaboration between regulators and regulated entities in detecting money laundering, terrorism financing and other illicit financial flows. For financial institutions and VASPs, it also signals the importance of having reliable internal intelligence, escalation and information-sharing processes as Nigeria prepares for its next FATF/GIABA mutual evaluation.

4. CBN Cuts Monetary Policy Rate to 23 Per Cent

Following its September 21–22 Monetary Policy Committee meeting, the CBN reset the Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent and recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR. The Cash Reserve Requirement remained at 45 per cent for Deposit Money Banks and 16 per cent for Merchant Banks. The decision represents a significant easing after the CBN maintained the MPR at 26.5 per cent at its two previous meetings and is intended to improve monetary-policy transmission as inflation continues to moderate. For financial institutions and businesses, the shift may affect funding costs, liquidity conditions and lending decisions.

5. CBN and Ministry of Finance Formalise Fiscal-Monetary Policy Coordination.

The Central Bank of Nigeria and the Federal Ministry of Finance signed a Memorandum of Understanding to institutionalise coordination between fiscal and monetary policy. The framework provides for regular consultation, information sharing and joint policy assessment while maintaining the CBN’s statutory independence. The move is intended to improve coordination around inflation, government spending, liquidity and broader macroeconomic management. For businesses operating in financial services, the development is relevant because closer policy coordination can influence the broader interest-rate, liquidity and funding environment.

6. SEC Begins Implementation of IFRS Sustainability Disclosure Standards

The SEC has drawn the attention of public companies and significant public-interest capital market operators to Nigeria’s adoption of the IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2. The standards are being introduced through a phased implementation roadmap developed by the Financial Reporting Council of Nigeria in collaboration with relevant stakeholders. The development moves sustainability reporting further into the formal disclosure framework for affected organisations. Companies within scope will need to consider how sustainability-related and climate-related information is collected, governed, verified and incorporated into their reporting processes.

7. NAICOM Issues Guidelines on Insurance Policyholders

The National Insurance Commission (NAICOM) published new Guidelines on Insurance Policyholders in September as part of its regulatory framework for the insurance sector. The development comes against the backdrop of the sector’s broader recapitalisation and reform programme under the Nigerian Insurance Industry Reform Act 2025. Stronger policyholder-focused requirements are significant for insurers because regulatory expectations are increasingly extending beyond financial capacity to customer protection, transparency and the quality of interactions with policyholders.

8. PenCom Issues Circular on Asset Crossing Between Pension Funds

The National Pension Commission (PenCom) issued a Circular on Asset Crossing between Pension Funds on 18 September 2026. The circular adds to PenCom’s continuing efforts to refine the operational and investment framework governing pension fund assets. For PFAs and other pension-industry stakeholders, such changes reinforce the need for investment, custody and governance processes to remain aligned with the Commission’s current requirements.

9. SEC Warns Investors as Dangote Refinery IPO Opens

The SEC issued a public notice following the opening of the Dangote Petroleum Refinery and Petrochemicals IPO, warning investors to use only approved subscription channels and to verify the registration status of intermediaries and platforms. The Commission specifically cautioned against unsolicited calls, social-media advertisements, WhatsApp messages and other unofficial channels offering preferential allocations. The notice highlights a broader regulatory concern around investment scams and the misuse of legitimate capital-market transactions to defraud investors. Businesses involved in financial promotion and investment distribution should ensure that their marketing and customer-acquisition channels do not create misleading impressions about regulatory approval or access to securities offerings.

1. Ghana Strengthens Regulation of Digital Credit Providers

The Bank of Ghana continued tightening oversight of digital lending in September, including identifying 20 mobile loan applications operating without the required licence or authorisation. The regulator warned that unlicensed digital credit providers create risks around consumer protection, customer data privacy and regulatory compliance. The development demonstrates Ghana’s move towards bringing digital lending more firmly within a supervised licensing framework. For fintechs operating across West Africa, the message is clear: offering digital credit in a market without first establishing the appropriate regulatory status can expose both the business and its customers to significant risk.

2. Ghana Issues New Corporate Governance Guidelines for Payment Service Providers

The Bank of Ghana published Corporate Governance Guidelines for Payment Service Providers in September under the Payment Systems and Services Act 2019. The guidelines reinforce governance expectations within Ghana’s rapidly expanding payments sector and provide a clearer framework for how payment institutions should structure oversight and accountability. This is particularly relevant for fintechs that are moving from founder-led operations towards more institutional governance structures. As payment businesses scale across African markets, governance is increasingly becoming a licensing and regulatory-readiness issue rather than simply an internal management concern.

3. South Africa Completes Transfer of Payment-System Functions to SARB and PayInc

South Africa completed the transition of key payment-system management functions following the withdrawal of the Payments Association of South Africa’s recognition as a Payment System Management Body. From 2 September, rule-making and the licensing, authorisation and registration of national payment-system institutions moved to the South African Reserve Bank, while certain payment-clearing functions moved to PayInc. The restructuring is intended to strengthen the regulatory and supervisory architecture of South Africa’s national payment system. For payment institutions and fintechs, the change means that SARB now has a more direct role in payment-system authorisation and oversight.

4. Ghana Moves Towards Stronger Crypto-Market Supervision

An IMF technical-assistance report published in September assessed Ghana’s regulation and supervision of crypto markets and activities, including stablecoins. The report found that Ghana’s regulatory direction is broadly aligned with international standards but identified further work needed around licensing, supervision and the completion of activity-specific guidelines. The findings are significant as Ghana moves from establishing its virtual-asset framework towards implementation and supervision. For African digital-asset businesses, the development reinforces the wider regional shift from regulatory uncertainty towards more defined licensing and supervisory regimes.

1. FATF Highlights New Money-Laundering Risks in Gaming and Gambling

The Financial Action Task Force (FATF) published new risk indicators for the gaming and gambling sector, highlighting emerging money-laundering, terrorist-financing and proliferation-financing risks associated with increasingly digital, cross-border and interconnected platforms. The report identifies practices such as the use of multiple accounts and payment methods, discrepancies between customer and payment information, suspicious betting patterns and complex ownership structures as potential indicators of illicit activity. The development is particularly relevant to fintechs and payment providers serving gaming businesses, as criminals may exploit payment channels and gambling platforms to move illicit funds without necessarily engaging in genuine gambling activity. Businesses operating in or supporting the sector should therefore consider whether their AML risk assessments and transaction-monitoring controls adequately capture these evolving typologies.

2. UK Opens Authorisation Gateway for New Cryptoasset Regime

The UK Financial Conduct Authority (FCA) published final perimeter guidance explaining which cryptoasset activities will require authorisation under the country’s forthcoming cryptoasset regime. The guidance covers activities including cryptoasset trading platforms, safeguarding, dealing and arranging, staking and qualifying stablecoin activities, with the authorisation application window opening on 30 September 2026. The new regime is scheduled to come into force on 25 October 2027, giving firms operating in the UK a transition period to prepare. For African crypto businesses serving UK customers or considering expansion into the market, the development makes regulatory mapping and early authorisation planning increasingly important.

3. FATF Warns of Increasing Use of Underground Banking and Hawala for Professional Money Laundering

A new FATF report published in September examined the use of underground banking, hawala and similar service providers in professional money-laundering schemes. FATF found that more than 80 per cent of reporting jurisdictions identified these systems among significant professional money-laundering channels or techniques, with some cases involving hundreds of millions of euros moved through such networks within only a few months. The findings are particularly relevant to cross-border payment businesses and remittance providers because informal value-transfer networks can intersect with legitimate financial channels. The report reinforces the need for institutions to understand how customers, counterparties and transaction flows connect to informal or alternative payment networks when assessing financial-crime risk.

1. Circle Agrees $400 Million Acquisition of Tazapay

USDC issuer Circle agreed to acquire Singapore-based cross-border payments infrastructure company Tazapay for approximately $400 million in an all-stock transaction. Tazapay brings payment rails, banking relationships and cross-border infrastructure across more than 100 markets, with a significant portion of its payment volume already involving stablecoins. The transaction reflects the growing convergence between stablecoin infrastructure and traditional cross-border payments. It also demonstrates how established digital-asset companies are increasingly acquiring regulated payment infrastructure rather than building every part of the payments stack themselves.

2. Grab Agrees $1.49 Billion Acquisition of Majority Stake in Atome Financial

Grab agreed to acquire a controlling 60 per cent stake in Atome Financial, the digital financial services platform of Advance Intelligence Group, for US1.49billion,includingUS260 million in primary growth capital. The transaction gives Grab greater control over a financial-services platform operating across several Southeast Asian markets, with the remaining approximately 40 per cent expected to be acquired later subject to regulatory approvals and other conditions. The deal reflects the continued expansion of large technology platforms into embedded finance and digital financial services. It also highlights the regulatory and licensing complexity that can accompany cross-border consolidation in financial services.

3. S&P Global Agrees to Acquire OpenZeppelin

S&P Global entered into an agreement to acquire OpenZeppelin, a major security infrastructure provider for on-chain finance. The transaction is designed to strengthen S&P Global’s capabilities around digital-asset risk assessment, on-chain security and tokenised financial markets. OpenZeppelin’s technology supports major stablecoins, tokenised funds and DeFi infrastructure, making the transaction significant beyond the traditional cybersecurity space. The deal reflects a broader institutional trend: as capital markets move on-chain, regulatory, compliance and technology-risk infrastructure are increasingly becoming part of the same ecosystem.

1. Nomba Secures $3 Million Debt Facility for Cross-Border Payments

Nigerian fintech Nomba secured a US$3 million debt facility through CardinalStone Finance Company to strengthen its cross-border payments operations in the Democratic Republic of Congo. The facility will provide additional US-dollar liquidity for transactions routed through banking relationships in Hong Kong and Singapore, supporting trade settlement between Central Africa and Asia. Nomba’s expansion illustrates the importance of liquidity and banking relationships in building scalable cross-border payment infrastructure. For African fintechs, access to appropriately structured financing can therefore be as important to international expansion as the underlying technology or customer base.

2. Egypt’s Synapse Analytics Raises $13 Million to Expand AI Decisioning for Financial Institutions

Egyptian fintech and AI company Synapse Analytics raised US $13 million in a Series A round led by Partech, bringing its total funding to US $17 million. The company provides AI-powered decisioning infrastructure for regulated financial institutions, covering areas such as onboarding, credit scoring, fraud detection, AML checks and collections. The raise highlights growing investor interest in technology that helps financial institutions automate risk and compliance processes while retaining greater control over decision-making. As regulatory expectations around responsible AI and financial risk management increase, this category of infrastructure is likely to become increasingly important to regulated financial institutions.

We hope you found our September 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!

For a deep dive into past regulatory changes, catch up on our August Regulatory Roundup  and explore our complete Regulatory Roundup Archive for more material

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.