Africa & Indian Ocean · NG
Nigeria
The Central Bank of Nigeria licenses payment service providers, the SEC regulates capital markets and digital asset businesses, and gaming is regulated largely at state level.
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.
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
Applications and regulator engagement for these routes are handled by our Regulatory & Licensing practice.
Considerations
What to weigh up
- Foreign exchange rules affect how funds move into and out of Nigeria.
- Gaming licensing is state by state; national operations need a multi-state approach.
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. How each is delivered depends on the local requirements that apply; where local qualification is required, we coordinate locally qualified counsel.
- Privacy & Data ProtectionPrivacy compliance and GDPR programmes, notices and DPAs, DPIAs, data mapping and ROPA, transfers, audits and breach response.
- 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 and protection, copyright protection, domain name disputes, portfolio support and IP agreements.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
- Bank Account OpeningSupport with corporate and operational accounts at banks and EMIs, prepared for how their compliance teams assess high-risk businesses.
- Merchant Account / Acquiring SetupSupport with merchant account applications and acquiring setup at acquirers and PSPs, including for high-risk merchant categories.
Support
How we support businesses in Nigeria
- Regulatory & Licensing01Strategy, applications and regulator engagement for the gaming, payments, crypto and investment routes listed above.
- Corporate Structuring02Group architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory Strategy10Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Discuss your matter with a senior advisor.
Share a few details about your business and plans. We will come back to arrange a confidential initial conversation.