Financial Technology
Information technology and business are becoming inextricably interwoven. Our lawyers work across practice areas to help clients navigate the legal and commercial risks on the use and provision of technology. Recently, we won the award: “Most Innovative in legal Services” at Business Day’s Top 25 Most Innovative Companies & Institutions in Nigeria Awards 2017.
For the firm, the application of technological solutions and innovations to financial services is not new in Nigeria, as a number of payment systems and participants in the FinTech space have been our clients for several years.
Over the years, the firm has advised on a wide array of clients on FinTech related matters, some of which were novel at the time of completion or are “one-of-a-kind”. We advised Stanbic IBTC on legal regulatory and contractual issues relating to the development of its mobile money payment platform - the first mobile money platform/ product by a bank in Nigeria. Subsequently, we advised First Bank on legal regulatory and contractual issues relating to the development of its mobile money payment. Following the launch of the mobile money platform by Stanbic IBTC, other Nigerian banks have launched mobile money products and same have gained wide acceptance by Nigerian customers. In addition, we advised the Financial Markets Dealers Association on the implementation of an automated/ electronic Certificate of Capital Importation (“CCI”) system in Nigeria. This transaction is significant as CCI is generally required for all foreign capital imported into Nigeria.
We provide legal advisory on a regular basis to entities which provide unique services/ products in the FinTech space in Nigeria, for example:
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CRC Credit Bureau, a credit bureau operator licenced by the Central Bank of Nigeria and established by leading financial institutions in Nigeria with by Dun & Bradstreet (a leading global credit information service provider); and
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SecureID, a producer of smartcards in Nigeria.
Further, we have advised extensively on the mergers and acquisitions side of the industry, particularly we advised First City Monument Bank on the divestment of its shareholding in Interswitch, an electronic transaction switching and payment processing company; and Synergy Capital Managers on its acquisition of Ping Express, an international money transfer operator licensed by the Central Bank of Nigeria, an acquisition which involved some states in the United States of America and the United Kingdom.
We also have a structured partnership alliance with acceleration hubs that develop financial technology products and services such as the Wennovation Hub Ltd/Gte. We offer regulatory, commercial, technological and intellectual advisory to several FinTech start-ups through acceleration hubs and incubators. The firm is also actively engaged in industry associations such as the FinTech Association of Nigeria.
