Banking
Court Fixes July 20 for Judgment on FCCPC Digital Lending Regulations Legality
By Adedapo Adesanya
A Federal High Court sitting in Lagos has fixed July 20 for judgment in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN) challenging the legality of the Digital, Electronic, Online, and Non-traditional Consumer Lending Regulations (DEON Regulations) issued by the Federal Competition and Consumer Protection Commission (FCCPC).
Justice Ambrose Lewis-Allagoa handed down the date after parties adopted their final written addresses and concluded arguments in the matter marked FHC/L/CS/760/2026.
The proceedings, held at the court’s Ikoyi division on Monday, featured extensive legal arguments over the scope of the FCCPC’s regulatory powers within Nigeria’s digital economy and telecommunications sector.
Although the litigants were absent in court, the Plaintiff, WASPAN, was represented by a team of lawyers led by Mr Kemi Pinheiro SAN, while the FCCPC’s lead counsel was Ms Olufunke Aboyade SAN.
At the commencement of proceedings, counsel informed the court that issues surrounding earlier contempt proceedings had been amicably resolved between the parties.
Following the development, Mr Pinheiro withdrew the Form 49 contempt process previously initiated by the Plaintiff, prompting the court to strike out the application.
The hearing thereafter shifted to the FCCPC’s preliminary objection challenging the competence of the suit.
Arguing the objection, Ms Aboyade contended that the DEON Regulations had existed since July 2025 and questioned the delay in instituting the action.
She further argued that the regulations were introduced as consumer-protection measures and maintained that the Plaintiff failed to comply with mandatory statutory pre-action notice requirements before approaching the court.
But, Mr Pinheiro urged the court to dismiss the objection, arguing that the FCCPC improperly introduced disputed facts without supporting affidavit evidence.
According to him, issues such as delay and alleged non-compliance with procedural requirements could not validly be raised through written submissions alone.
The senior advocate further argued that constitutional provisions guaranteeing access to court override technical objections relating to pre-action notices where a litigant alleges imminent regulatory injury.
He also accused the FCCPC of adopting inconsistent legal positions by simultaneously challenging the jurisdiction of the court while seeking affirmative reliefs from the same court.
On the substantive suit, WASPAN urged the court to invalidate portions of the DEON Regulations on the grounds that the FCCPC exceeded its statutory powers.
The Plaintiff argued that while the FCCPC possesses powers to make regulations under its establishing law, those powers are restricted to consumer protection matters and cannot supersede sector-specific legislation regulating telecommunications and financial services.
Mr Pinheiro specifically argued that the Commission was unlawfully attempting to exercise powers already vested in the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN).
He further submitted that subsidiary legislation cannot override existing Acts of the National Assembly, insisting that the disputed regulations conflict with provisions of both the Nigerian Communications Act and the Central Bank of Nigeria Act.
In response, the FCCPC defended the validity of the regulations and insisted that its statutory mandate extends across sectors where consumer rights and market competition issues arise.
Ms Aboyade also argued that defendants in originating summons proceedings are entitled to formulate and argue independent legal issues in response to claims brought before the court.
During the final exchanges, the Plaintiff additionally challenged documentary exhibits tendered by the FCCPC, arguing that the materials lacked evidential value and failed to establish any direct connection between alleged “loan shark” activities and members of WASPAN.
After listening to all submissions, Justice Allagoa adjourned the matter till July 20 for judgment.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
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