Aluko and Oyebode

Lagos

Aluko & Oyebode, a top-tier full-service law firm, provides world-class legal services to local and international clients with over 70 lawyers and up to 150 staff members working out of offices in Nigeria commercial centres of Lagos, Abuja, and Port-Harcourt

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Updates

Banking

Financial inclusion: Central Bank of Nigeria introduces payment service banks
Nigeria | 22 March 2019

In a bid to promote a sound financial system and enhance access to financial services for low-income earners and the unbanked segments of the Nigerian population, the Central Bank of Nigeria recently issued the Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria. The main objective of establishing PSBs is to enable high-volume, low-value transactions in remittance, micro-saving and withdrawal services in a secured technology-driven environment.

CBN issues draft guidelines to address cybersecurity in financial sector
Nigeria | 30 November 2018

In view of the increasing focus on cybersecurity worldwide and the rise in cyber threats both in and outside Nigeria, the Central Bank of Nigeria recently issued a draft risk-based framework and guidelines on cybersecurity for deposit money banks and payment service providers. The draft guidelines aim to complement and build on the Cybercrimes (Prohibition, Prevention) Act 2015 by promoting cybersecurity and protecting computer systems and networks and electronic communications.

Legislative trends in banking sector: a step in the right direction?
Nigeria | 07 September 2018

The National Assembly is considering three bills to repeal and re-enact the key pieces of legislation that regulate the banking sector. Collectively, the bills provide for an increase in the Central Bank of Nigeria's autonomy and discretionary powers, an expansion of the banking regulation regime to accommodate electronic transactions and increased penalties for infractions, including the imposition of personal liability on bank officers and directors.