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July Regulatory Roundup 2025

July Regulatory Roundup
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REGCOMPASS JULY REGULATORY ROUNDUP

July truly made a statement! 

The global adoption of the GENIUS Act has kicked off a new era for digital assets, opening the door for stablecoin use all over the world, with more countries likely to jump on board soon. 

In this edition of Regcompass’s regulatory roundup, we have carefully curated the latest and most important regulatory news from Nigeria, Africa, and beyond. 

Happy reading!

In This Edition

Regulatory Update in Nigeria

Regulatory Updates Across Africa

Regulatory Updates Across The World

Crypto Scoop

Regulatory update in Nigeria

CAC joins the AI train, launches AI Portal

The Corporate Affairs Commission (CAC) is joining the AI train as it launches its AI-powered registration portal which is already processing over 11,000 transactions a day, despite ongoing technical issues. We can reasonably expect increased speed, improved security and ease of business set-up in coming days. 

SEC announces plans to launch USSD codes to verify licensed capital market operators. 

A new tool is on the horizon to help Nigerians steer clear of fraudulent investment outfits – a USSD-based system that lets users confirm a firm’s registration status with the SEC in seconds. Though not yet live, the initiative signals a shift toward greater transparency and public protection. But with all this emphasis on visibility, one can’t help but wonder: where does this leave actual regulatory crackdowns? 

CBN Reforms Boost Naira, Restore International Card Partnerships

Following a prolonged suspension caused by severe dollar shortages and restricted FX access, the return of international card payments is enabled by improved forex liquidity and CBN’s reforms, scrapping currency controls and boosting dollar inflows into the economy. Currently, most banks have set the  monthly and quarterly limits between $500 and $1,000. 

CAC extends  implementation of the new fee schedule to September 1.

The Corporate Affairs Commission has  postponed the implementation of its revised fee and penalty structure on its upgraded registration portal from August 1 to September 1.  The postponement follows user complaints regarding document downloads, payment processing, and post-incorporation filings.

NDPC Fines MultiChoice ₦766M for Data Breach

MultiChoice Nigeria has been fined ₦766 million by the NDPC for violating data protection laws, including transferring user data across borders without proper consent. The NDPC found its practices intrusive, even affecting non-subscribers, and ruled the company’s response “unsatisfactory.” The fine signals a clear warning: platforms handling Nigerian data must comply or face similar consequences.

NCC Introduces ₦10M Licence for Bulk SMS Providers

The Nigerian Communications Commission (NCC) has renewed its regulatory approach for bulk SMS providers with the introduction of a mandatory ₦10 million, five-year license for businesses sending Application‑to‑Person (A2P) messages, including bank alerts and promotions. While Nigeria has previously operated under telecom licensing frameworks such as for Mobile Virtual Network Operators (MVNOs) and value‑added service providers, this new rule represents the first specific regime targeting international bulk SMS traffic, centralising routing through NCC‑approved channels for enhanced oversight and revenue protection

FIRS launches real-time portal to monitor VAT transactions 

The Federal Inland Revenue Service has launched a Transaction Monitoring System to increase transaction visibility and plug tax leaks. This development is a response to the burgeoning digital economy, and it gives the FIRS real-time visibility into VAT-eligible transactions and where deductions apply.  

EFCC reaffirms commitment to seamless SCUML Certification process

The Economic and Financial Crimes Commission, EFCC, has clarified that the SCUML registration portal remains fully functional, following concerns raised in The Vanguard’s July 29, 2025 editorial. The Commission noted that the portal processes an average of 600 applications daily, with certificate issuance timelines now reduced to 2–3 days for complete submissions. It explained that error messages cited in the editorial typically result from applicants uploading incorrect or incomplete documentation or using invalid email addresses. In response, SCUML is intensifying public sensitization efforts, including upcoming multilingual digital animations and renewed media campaigns. The Commission reaffirmed its commitment to service excellence and continuous improvement and urged stakeholders to rely on verified information when evaluating its processes.

NIMC issued warning against the sale of National Identity Numbers

The National Identity Management Commission (NIMC) has warned Nigerians against selling their National Identification Numbers (NINs) for as little as ₦2,000, citing serious risks of fraud, impersonation, and criminal exposure. In a post on X, the agency stressed that individuals, not the Commission, bear responsibility for protecting their digital identities. Rising poverty and poor digital literacy have made many vulnerable to such risks, with fraudsters using stolen NINs to open bank accounts, take loans, or commit crimes. NIMC’s alert underscores the urgent need for stronger public awareness and enforcement of Nigeria’s data protection laws.

Across Africa: Welcoming Innovation While Addressing Challenges

Ethiopia Approves Startup Law, Reserves 5% of ICT Contracts for Local Innovators

Ethiopia has passed its long-awaited Startup Business Proclamation, marking a major milestone for its tech ecosystem. The new law provides a legal definition for startups, streamlines registration, offers tax incentives, and introduces a ₿2 billion (~$36M) Startup Fund.

South Africa Turns to AI to Recover $110B in Unpaid Taxes

South Africa’s tax agency, SARS, is using AI and a new command centre to recover R2 trillion (~$110 billion) in taxes and fix its budget gap. The system helps find people most likely to pay, with a 1,500-person team chasing R35 billion in unpaid taxes. SARS now tracks tax payments, staff activity, and delays in real time. With a R7.5 billion boost in funding, SARS hopes to collect up to R50 billion more this year and even R460 billion yearly in the future. This marks a big step in using tech to improve tax collection after years of underperformance.

Bank of Ghana Tells Crypto Firms to Register Ahead of New Rules

Ghana’s central bank has asked all Virtual Asset Service Providers (VASPs) to register by 15 August as it ramps up efforts to regulate the crypto space. The Bank of Ghana (BoG) says this is not a licensing process yet –  it just wants to identify players ahead of full regulation.

South Africa Plans New Rules for Streaming and Media 

South Africa is updating its media laws to better reflect how people consume content today. A new draft white paper released on July 19 proposes modern rules for TV, radio, streaming platforms like Netflix and YouTube, and even social media. The plan aims to improve online safety, update broadcaster oversight, and align with global trends. If approved, it could shape what South Africans watch and how it’s regulated.

Ghana Revamps SIM Rules and Advances Startup Bill

Ghana has rolled out a new phased SIM registration regime, integrating biometric verification and business SIM validation to combat fraud and enhance digital security. The reforms, effective July 1, link telecom systems with the Ghana Revenue Service and follow major crackdowns by the Cybersecurity Authority.

Meanwhile, Ghana’s Startup Bill set for passage by December promises tax breaks, simplified compliance, and a dedicated Innovation Agency. The reforms align with Ghana’s broader digital agenda and its hosting of the Global Entrepreneurship Festival in November, underscoring its ambition to become West Africa’s tech hub.

South Africa Targets October Exit from FATF Grey List

South Africa is on track to exit the Financial Action Task Force (FATF) grey list by October 2025, following significant reforms to address deficiencies in anti-money laundering (AML), counter-terrorist financing (CFT), and illicit financial flows.Flagged in February 2023, South Africa has since completed most of the required actions. An FATF assessment team is expected to visit this month to confirm the sustainability of the reforms. 

Cameroon Fines MTN and Orange $4.6M Over Poor Service Quality

Cameroon’s Telecommunications Regulatory Board (TRB) has fined MTN and Orange a combined $4.6 million for failing to meet network coverage and service quality obligations. The penalties follow inspections across major cities and transit corridors that revealed significant performance gaps.

Orange Cameroon received the highest fine $2.5 million plus an additional $357,600 for pricing and VAS-related breaches—while MTN was fined $1.8 million. This enforcement echoes a 2023 crackdown and forms part of the government’s broader telecom reform agenda under Vision 2035.

Ethiopia Launches First Domestic Credit Card

Ethiopia has rolled out its first locally issued credit card through a partnership between SanuPay and Belgian fintech OpenWay. The card, powered by the Way4 platform, will run on Ethiopia’s national payment switch, enabling full interoperability across banks, ATMs, and POS systems.This marks a shift from the country’s heavy reliance on cash and mobile money (like Telebirr) toward more traditional digital payment tools. The move aims to boost financial inclusion, reduce dependency on foreign card networks, and modernise Ethiopia’s payment infrastructure.

Visa Launches First African Data Centre in South Africa

Visa has opened its first African data centre in Johannesburg, aimed at boosting transaction speed, regulatory compliance, and digital payments infrastructure across the continent.

The move comes as regional regulators increasingly demand data localisation, and as fintech ecosystems in markets like Nigeria, Kenya, and South Africa push for cross-border payment innovation.

Across the World

Meta has refused to sign the EU’s voluntary AI Code of Practice just weeks before new AI rules take effect. The company says the code creates legal uncertainty and goes beyond the AI Act’s scope. Meta’s global affairs chief, Joel Kaplan, criticized the EU’s approach, warning it could slow innovation and hurt European AI startups. Despite pressure from major tech firms, the EU says it won’t delay its timeline. Key rules for high-risk AI systems and general-purpose models are expected to take effect from 2 August 2025.

FATF Flags Rising Terrorist Financing Risks, Calls for Stronger Global Response

A new report from the Financial Action Task Force (FATF) reveals a concerning increase in terrorist financing (TF) threats, coupled with a limited global capacity to combat them. The report indicates that terrorists are rapidly adapting, leveraging digital tools, decentralized methods, and even gaming platforms to fund their operations.

Despite ongoing efforts, 69% of assessed countries continue to struggle with effectively investigating and prosecuting TF cases. The report highlights emerging trends such as the rise of lone actors, the blurring lines between legal and illegal funding sources, and growing connections to organized crime. The FATF urges enhanced global cooperation, improved public-private partnerships, and the adoption of practical indicators—including payment patterns, travel activity, and social media behavior—to detect TF activities.

Crypto Scoop

US Approves First National Crypto Law, Sets Stablecoin Standards

On July 18 2025, President Trump signed the GENIUS Act into law.  The law creates a national framework for regulating stablecoins and marks a major step toward mainstream adoption. Under the Act, stablecoins must be backed 1:1 by cash or safe assets like the U.S. Treasuries, with monthly reserve reports required. Both banks and nonbanks can issue stablecoins if they register with regulators.

A companion bill, the CLARITY Act, is in the works to address securities rules and anti-financial crime measures. While the crypto industry welcomes the move, critics warn the law may fall short on consumer protections.

Western Union explores stablecoins for faster remittances

Western Union is considering the use of stablecoins for international money transfers and digital wallets, with ongoing talks to build crypto on- and off-ramps. The move targets faster settlements and currency stability in high-inflation markets. Western Union has tested stablecoin-based settlements in Africa and South America and filed crypto trademarks since 2022.

New Zealand to ban crypto ATMs, cap international cash transfers

New Zealand will ban all 221 crypto ATMs nationwide and introduce a NZ$5,000 limit on international cash transfers to curb money laundering. Associate Justice Minister Nicole McKee said the move targets criminal abuse of cash-to-crypto services. The ban mirrors similar measures in Australia, where crypto ATMs are now subject to tighter limits, customer checks, and scam warnings.

Deals and Raises

  1. Swedish AI Startup Lovable Hits Unicorn Status with $200M Raise
  2. Ora Technologies Raises $7.5M to Accelerate Moroccan Superapp Ambitions
  3. BFREE Secures $3M to Scale Ethical Debt Recovery Across Africa
  4. PocketLawyers Lands Funding to Scale AI Legal Tools Across Africa
  5. Nigeria’s Carrot Credit Raises $4.2M to Expand Asset-Backed Lending
  6. CANAL+ Group acquires South Africa’s MultiChoice Group for ZAR 55bn (USD 3bn) 
  7. Sun King Raises $156M to Boost Solar Access for 1 Million+ Kenyans

Mergers and Acquisitions

  1. Meta Acquires Play AI to Boost Voice Capabilities in AI and Wearables
  2. Grammarly Acquires Superhuman to Accelerate AI Productivity Integration
  3. South Africa Approves Canal+ $2B Acquisition of MultiChoice
  4. Nigerian Startup Payaza Repays ₦14.9B Commercial Paper
  5. Egypt Sees First Fintech SPAC as Catalyst Partners Acquires Qardy for $23M

Join the Conversation
Have questions or insights about the regulatory landscape in your region? Connect with us via our social media channels or email; we’re here to help.  For a deeper dive into past regulatory changes, catch up on our June Regulatory Roundup and explore our complete Regulatory Roundup Archive for more material

Share your thoughts in the comments  and let’s keep the conversation going.

Disclaimer: The information in this article is for general informational purposes only and does not constitute legal advice. For guidance tailored to your specific circumstances, please consult a qualified legal professional.

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