Africa: Finance and Banking

Capital Markets Comparative Guide for the jurisdiction of South Africa, check out our comparative guides section to compare across multiple countries

Going public is a significant milestone for any private company, offering access to capital, increased visibility, and enhanced credibility.

Capital Markets Comparative Guide for the jurisdiction of Nigeria, check out our comparative guides section to compare across multiple countries

As Africa's largest economy and most populous nation, Nigeria continues to attract global interest as a strategic destination for investment.

Operating a business in Nigeria entails more than the delivery of quality goods or services; it also demands strict adherence to applicable tax laws and regulations.

In early 2025, Nigeria's rapidly growing cryptocurrency sector reached a major turning point. After years of regulatory confusion and a well-known banking ban on crypto transactions, a new law changed everything. President Bola Ahmed Tinubu signed the Investments and Securities Act 2025 (ISA 2025) into law, officially recognizing digital assets and cryptocurrencies as securities. This landmark legislation replaces the previous 2007 statute and broadens the definition of "securities" in Section 3

In 2024, the Nigerian banking and finance sector experienced significant regulatory changes driven by the Central Bank of Nigeria ("CBN").

Securing capital is integral to the growth of any business and companies typically explore two primary avenues: debt financing and equity financing. While debt financing often involves traditional banks and capital markets.

The Central Bank of Nigeria (CBN) recently unveiled the Banking Sector Recapitalization Programme 2024 (the "Programme") which mandates commercial, merchant, and non-interest banks to increase their minimum paid-in common equity capital before 31st March 2026.

The Investment and Securities Act, 2025 (ISA 2025) represents a significant regulatory development, particularly for those operating in and around digital asset markets including Fintech. In our previous newsletter*, we highlighted the important changes made to the capital market by the ISA 2025.

Capital Markets Comparative Guide for the jurisdiction of South Africa, check out our comparative guides section to compare across multiple countries

Prior to November 2024, Bureaux de Change operators ("BDCs") could not access the Nigerian Foreign Exchange Market ("NFEM") to purchase foreign exchange ("FX") for sale to their customers.