Africa & Indian Ocean · NG
Nigeria
The CBN licenses payment service providers, the SEC regulates capital markets and digital asset businesses, and gaming is largely regulated by the states.
At a glance
- Status
- Federal republic: federal and state regulation
- Region
- Africa & Indian Ocean
- Regulated sectors
- GamingPaymentsCryptoInvestment
- Authorities
- CBN · SEC · State gaming authorities · NFIU
- Licensing routes
- 4
Overview
The framework
Nigeria's payments sector is regulated by the Central Bank of Nigeria (CBN), which licenses payment activities such as switching and processing, payment solution services and mobile money operations. Capital markets, including digital asset businesses under recent legislation, are regulated by the Securities and Exchange Commission (SEC).
Gaming regulation is largely a matter for the states following a 2024 Supreme Court decision, with state authorities such as the Lagos State Lotteries and Gaming Authority licensing operators in their states. We map the federal and state licences you need.
Authorities
Who regulates what
- Central Bank of Nigeria (CBN)
- Banks and payment service providers.
- Securities and Exchange Commission (SEC)
- Capital markets, investment businesses and digital asset businesses.
- State gaming authorities
- Licensing of lotteries and gaming at state level, such as the Lagos State Lotteries and Gaming Authority.
- Nigerian Financial Intelligence Unit (NFIU)
- Financial intelligence; AML/CFT reporting.
Regimes
Licensing routes
Payment service licences
CBN licences for switching and processing, payment solution services, mobile money and related activities.
Sectors: Payments
Digital asset registration
SEC registration for digital asset exchanges, custodians and offering platforms.
Sectors: Crypto
Capital market operator registration
SEC registration for brokers, dealers and investment advisers.
Sectors: Investment
State gaming licences
Licences issued by state gaming authorities.
Sectors: Gaming
Our Regulatory & Licensing practice prepares the applications for these routes and manages them through to the regulator's decision.
Considerations
What to weigh up
- Plan how funds will move into and out of Nigeria under the foreign exchange rules.
- For national gaming operations, plan a multi-state approach: licensing is state by state.
This overview is general information, summarised at a high level. Requirements change and depend on the specific activity; seek advice on your circumstances before acting.
Industries
Relevant industries
- iGaming & GamingB2C operators, B2B suppliers, platforms, aggregators and affiliates.
- Fintech & PaymentsPayment and e-money institutions, PSPs and acquirers, payment facilitators and embedded finance.
- Crypto & Digital AssetsCASPs and VASPs, exchanges, custodians, wallets, token projects and crypto payments.
- Forex & InvestmentsForex and CFD brokers, investment firms, trading and investment platforms.
Across jurisdictions
Cross-jurisdiction capabilities
Services we support across the jurisdictions in our directory, described once on their own pages. We deliver each to the requirements that apply locally, coordinating local specialists where local law, registration, representation or professional requirements require it.
- Privacy & Data ProtectionExternal DPO services and working privacy programmes: GDPR and global privacy laws, DPIAs, data mapping, transfers and ISO/IEC 27701.
- Information Security & CybersecurityFractional CISO support, ISMS and security programmes, certification and audit readiness, DORA, NIS2 and customer assurance for enterprise sales.
- AI GovernanceGovernance that lets AI adoption scale: EU AI Act readiness, ISO/IEC 42001 management systems, AI risk and impact assessments, and vendor risk.
- AML & Financial Crime ComplianceAML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
- IP Registration & ProtectionTrademark and patent registration, copyright, domain disputes and enforcement that protect your brand, software and content across markets.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions that answer what banks and investors ask.
- Bank Account OpeningHelp organising your banking with banks and EMIs that fit your model, from the onboarding file and account structure to periodic reviews.
- Merchant Account / Acquiring SetupMerchant applications, acquiring structure and negotiated terms for online and high-risk merchants that need stable card and local payment acceptance.
Support
Nigeria: how we support your business
- Regulatory & LicensingStrategy, applications and regulator engagement for the gaming, payments, crypto and investment routes listed above.
- Corporate StructuringGroup architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory StrategyMarket prioritisation, regulatory roadmaps and launch readiness that let you expand into new jurisdictions in the right order.
Nigeria: the right fit for your business?
We look at your product, target clients and banking needs to see whether this jurisdiction fits or another would serve you better, then send a written proposal with scope, timetable and fee.