REGCOMPASS AUGUST REGULATORY ROUNDUP
Table Of Content
Regulatory Update in Nigeria
- Nigeria’s NIMC finalises new e-identity platform (NINAuth)
- NDPC Targets 1,369 Nigerian Firms for Compliance Checks
- CBN Restricts Operations of PoS Terminals to Within 10 Metres of Registered Locations
- CBN Mandates Banks to Adopt ISO 20022 Payments Standard
- FIRS Onboards 1,000 Businesses onto E-Invoicing System
- Globacom Under NCC Scrutiny Over CEO’s Role
- MTN & Airtel Deploy $400M Cloud Infrastructure to Support Startups
- FCCPC releases Digital Lending Regulation in Nigeria
- President Bola Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law
Across Africa
- The Central Bank of Kenya (CBK) publishes Guidance Notes on CDD, Beneficial Ownership, and PEPs for financial institutions
- Ethiopia bans four US-based remittance companies
- South Africa considers 24-hour trading on Stock Exchange
- Truecaller draws scrutiny in South Africa
- Kenya’s Central Bank fines 11 banks
- Kenya’s Central Bank lowers benchmark rate for lending
- South Africa’s consumer watchdog hunts Temu and Shein
- Ghana hits MultiChoice with a daily $920 fine
- Somalia approves new bill against cybercrime
- Safaricom Launches Hourly Data Bundles
- Cell C gets approval to buy back its customer base
Crypto Scoop:
- Mastercard is opening a stablecoin settlement using USDC
- U.S. banks push to curb stablecoin “interest” as GENIUS Act takes hold
- SEC and KSG Partner with Busha to Launch Crypto Training for Financial Leaders
Deals and Raises
- Chowdeck raises $9 million Series A
- Yamify raised $100k to build appstore for AI tools
- Airtel Commits $120M to Hyperscale Data Centre in Lagos
- TransBnk (Fintech) raised $25 million in a Series B
- Kiwi (Fintech) secured $24 million in a Series B round
- Nigeria’s Premium Trust Bank completes $131 million capital raise
- Koolboks raises $11M to cool Africa’s small businesses
- Ghana’s Complete Farmer secured $5 million
- Kenya’s Poa Internet secured $4 million in debt funding
Mergers and Acquisitions
- Titan Trust Bank acquires Union Bank in a takeover deal
- Vodacom gets green light to acquire Maziv
- South Africa’s Nedbank gets approval to acquire iKhoka
- HearX secured a $100 million raise through its merger with U.S. based Eargo
Regulatory Update In Nigeria
NDPC Targets 1,369 Nigerian Firms for Compliance Checks
The Nigeria Data Protection Commission (NDPC) has commenced a sector-by-sector investigation into 1,369 organisations suspected of violating the Nigeria Data Protection Act (NDPA) 2023. The move underscores NDPC’s growing focus on compliance enforcement as businesses across industries adapt to the country’s new data protection regime.
CBN Restricts Operations of PoS Terminals to 10 Metres of Registered Locations
The Central Bank of Nigeria (CBN) has introduced mandatory geo-tagging controls for all Point-of-sale terminals (POS). The directive specifies that terminals be limited to a 10-metre radius of their registered business address. This restriction is an effort to address the rising financial crime risks associated with the ease of movement of the product, including Terrorist financing, extortion, e.t.c
CBN Mandates Banks to Adopt ISO 20022 Payments Standard
The Central Bank of Nigeria (CBN) has instructed banks, mobile money operators, super agents, and other licensed payment providers to adopt the ISO 20022 payment messaging standard and geo-tag all Point-of-Sale (PoS) terminals by October 31, 2025.
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law
The Nigeria Insurance Industry Reform Act (NIIRA) 2025 has been signed into law, introducing sweeping changes to strengthen the insurance sector. The Act addressed the industry’s pressing need for a dynamic and modern framework to align with Nigeria’s evolving economic landscape. Key provisions in NIIRA enforce compulsory insurance policies and introduce comprehensive regulations for technology-driven insurance providers, including fintechs.
FIRS Onboards 1,000 Businesses onto E-Invoicing System
The Federal Inland Revenue Service (FIRS) has announced that more than 1,000 companies, representing about 20% of the 5,000 eligible firms, have begun integrating with its new electronic invoicing (e-Invoicing) platform. The initiative marks a major step in the agency’s efforts to modernize tax administration, streamline compliance, and improve transparency in Nigeria’s revenue system.
Globacom Under NCC Scrutiny Over CEO’s Role
The Nigerian Communications Commission (NCC) has directed Globacom to split the roles of CEO and chairman within 24 months, under its 2025 Guidelines on Corporate Governance. The rules require the chairman to be a non-executive director, bar anyone from holding both positions, and mandate independent board members with ICT expertise. Globacom remains the only major operator yet to comply, with founder Mike Adenuga still serving as both chairman and CEO.
MTN & Airtel Deploy $400M Cloud Infrastructure to Support Startups
MTN and Airtel have announced a joint investment of nearly $400 million (₦613.8 billion) to expand into cloud computing and artificial intelligence infrastructure. The move signals a strategic shift beyond voice and data, positioning both operators as core infrastructure providers for startups. Their ambition is to become the go-to choice for Nigerian startups in a market still dominated by global giants like AWS, Google Cloud, and Microsoft Azure.
Regulatory Update Across Africa
The Central Bank of Kenya (CBK) publishes Guidance Notes on CDD, Beneficial Ownership, and PEPs for financial institutions
The Central Bank of Kenya (CBK) has published new guidance notes for financial institutions covering Customer Due Diligence (CDD), Beneficial Ownership, and Politically Exposed Persons (PEPs). The notes provide clarity on regulatory expectations, helping banks and other licensed entities identify, assess, and manage risks associated with high-risk customers, complex ownership structures, and politically exposed individuals.
Ethiopia bans four US-based remittance companies
The National Bank of Ethiopia (NBE) has banned four U.S.-based money transfer companies, accusing them of operating without licences and engaging in unauthorised cross-border transactions
South Africa considers 24-hour trading on Stock Exchange
The Johannesburg Stock Exchange (JSE), Africa’s largest bourse, is considering the introduction of 24-hour trading as it seeks to align more closely with global market practices and boost competitiveness. JSE CEO Leila Fourie confirmed that the proposal is under review, with consultations underway among market participants before a medium- to long-term decision is made.
Truecaller draws scrutiny in South Africa
South Africa’s Information Regulator has launched an investigation into call-screening app Truecaller after receiving complaints from businesses and individuals alleging potential violations of the Protection of Personal Information Act (POPIA) and harm to their operations.
Kenya’s Central Bank fines 11 banks
The Central Bank of Kenya (CBK) has fined 11 commercial banks and forex bureaus a total of Ksh191 million in 2024 for breaching lending, capital adequacy, and governance regulations, as part of its push to strengthen compliance and drive cheaper credit in the sector.
Kenya’s Central Bank lowers benchmark rate for lending
The Central Bank of Kenya (CBK) has lowered its benchmark lending rate for the seventh consecutive time, cutting the Central Bank rate by 25 basis points at its Monetary Policy Committee (MPC) meeting on August 12, 2025.
South Africa’s consumer watchdog hunts Temu and Shein
Consumer Goods and Service Ombud (CGSO) CEO Queen Munyai has urged the government to act against foreign e-commerce giants Shein and Temu, citing rising online complaints and weak enforcement powers. Despite Temu’s 2023 warehouse support, both platforms lack a physical presence, limiting CGSO’s jurisdiction. Together, they now control 37.1% of South Africa’s clothing market.
Ghana hits MultiChoice with a daily $920 fine
Ghana’s Ministry of Communication, Digital Technology, and Innovations has imposed a daily fine of $920 on MultiChoice Ghana, operator of DStv, for failing to provide requested subscription pricing data.
Somalia approves new bill against cybercrime
Somalia’s Cabinet has approved a new Cybercrime Bill aimed at boosting digital security and tackling online crime. Presented by the Minister of Communications and Technology, the legislation seeks to protect computer systems and networks, curb illegal use of technology, and support the investigation and prosecution of cyber offenses.
Safaricom Launches Hourly Data Bundle
Safaricom, Kenya’s largest telco, has rolled out B-Live, a new data product that lets customers buy internet access by the hour instead of by megabytes or gigabytes. The bundles cost between KES 20 ($0.16) for one hour and KES 150 ($1.16) for six hours, with usage tied strictly to time. The launch directly addresses one of Kenyans’ biggest frustrations that data bundles run out too quickly or unpredictably, marking Safaricom’s boldest attempt yet to change how customers pay for mobile internet.
Cell C gets approval to buy back its customer base
South Africa’s Competition Tribunal has granted approval for Cell C to repurchase its contract customer base from majority shareholder Blue Label Telecoms. The transaction enables Cell C to reclaim control of Comm Equipment Company (CEC), the subsidiary responsible for managing its postpaid customers.
Crypto Scoop
Mastercard is opening a stablecoin settlement using USDC
Mastercard and Circle have expanded USDC (United States Dollar Coin) settlement capabilities for merchants and acquirers across EEMEA (Eastern Europe, Middle East, and Africa). Arab Financial Services and Eazy Financial Services are the first to adopt USDC for settlements, as Mastercard continues supporting multiple regulated stablecoins worldwide.
U.S. banks push to curb stablecoin “interest” as GENIUS Act takes hold
US banking groups are urging Congress to close a GENIUS Act loophole that permits stablecoin yields via affiliates and exchanges. They warn that as much as $6.6 trillion could migrate from banks to stablecoins, threatening lending capacity and driving up interest rates.
SEC and KSG Partner with Busha to Launch Crypto Training for Financial Leaders
Nigeria’s SEC, through its Nigerian Capital Market Institute (NCMI), has teamed up with the Kenya School of Government (KSG) and crypto startup Busha to roll out a cryptocurrency training program. The course will be developed and facilitated by Cambridge Enterprise, part of Cambridge University, and is designed for financial institution leaders and policymakers, focusing on digital assets and their role in expanding financial access.
Deals And Raises
- Chowdeck raises $9 million Series A
- Yamify raised $100k to build appstore for AI tools
- Airtel Commits $120M to Hyperscale Data Centre in Lagos
- TransBnk (Fintech) raised $25 million in a Series B
- Kiwi (Fintech) secured $24 million in a Series B round
- Nigeria’s Premium Trust Bank completes $131 million capital raise
- Koolboks raises $11M to cool Africa’s small businesses
- Ghana’s Complete Farmer secured $5 million
- Kenya’s Poa Internet secured $4 million in debt funding
Mergers and Acquisitions
- Titan Trust Bank acquires Union Bank in a takeover deal
- Vodacom gets green light to acquire Maziv
- South Africa’s Nedbank gets approval to acquire iKhoka
- HearX secured a $100 million raise through its merger with U.S. based Eargo
Join The Conversation
Do 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.
For a deeper dive into past regulatory changes, catch up on our July 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.
