FOREIGN BUSINESS OWNERS MUST OBTAIN SPECIFIC PERMITS AND QOUTAS FROM NIGERIA’S MINISTRY OF INTERIOR. THIS POST COVERS EVERYTHING YOU NEED TO KNOW
To operate seamlessly in Nigeria, foreign-owned companies must obtain business permits and other required licenses. Foreigners seeking to work as employees or control companies in Nigeria must also get expatriate quotas through those companies. The Federal Ministry of Interior in Nigeria controls foreign business activity and immigration by issuing permits that determine the number of […]
New NIBSS Policy Bars Unlicensed Fintechs From Bank Transfer Channels:
The Nigerian Interbank Settlement System (NIBSS) recently released a new policy mandating banks to remove non-deposit taking fintechs from the National Instant Payments (NIP) funds transfer system. This impacts players like switching companies, payment processors and super-agents facilitating transfers through channels like USSD, mobile apps and web. As per the NIBSS circular, allowing such fintechs […]