Insight type: Legal Alert

The Nigerian Communications Commission (NCC) has published the Draft Information Memorandum (IM) for its upcoming auction of the remaining lots of 2 x 100MHz in the 3.5GHz spectrum band to support 5G deployment in Nigeria.

 

Founders and investors looking to create solutions or invest within Nigeria’s financial technology (Fintech) sector would need to embrace its regulatory landscape. This article is the first of a series highlighting key regulators of the Fintech sector in Nigeria.

The Parliament of Uganda passed the National Payment Systems Act (the Act) in 2020 and a year later, the National Payment Systems Regulations 2021 (the Regulations) were passed to operationalise the Act. The objective of this regime is to control risk, promote the efficiency of payment systems and provide for the functions of the Central Bank (BOU) in its role as the regulator of fintech and other enterprises operating payment systems.

The High Court of Kenya has dismissed a petition seeking to block Kenya Airways (KQ) from training its pilots abroad. The petition, in which ALN Kenya | Anjarwalla & Khanna acted for KQ, sought to, among other things, stop KQ’s Ab Initio Pilots Training Programme, through which KQ trains its future pilots, with no prior experience and its foreign-based pilot training programmes.

There have been certain significant amendments introduced to British Virgin Island (BVI) Business Companies Act. The amendments will come into force on 1 January 2023. The key changes relate to abolishing the use of bearer shares, disclosure of director information, filing of financial returns, striking off and dissolution of companies, restoration of struck off and dissolved companies, new qualification and residency requirements for liquidators and insolvent liquidations.

Non-residents are generally liable to tax in Mauritius in respect of their Mauritius-source income. Section 74(1) of the Income Tax Act (the “Act”) provides examples of streams of income considered to be derived from Mauritius.

On 18 July 2022, the Ugandan High Court issued a landmark decision on the liability for loss suffered due to digital bank fraud in the case of Aida Atiku versus Centenary Rural Development Bank Limited, (the defendant/bank) Civil Suit No. 0754 of 2020.

On 25th and 26th July 2022, the AfCFTA Council of Ministers met in Accra, Ghana for the 9th Meeting of the AfCFTA Council of Ministers responsible for trade. During this meeting, the AfCFTA Secretariat reported major strides towards making trade under the AfCFTA fully operational.

 

 

At an awareness session on the Settlement Procedure conducted by the Financial Services Commission (the “Commission”) on the 12 April 2022, the Chief Executive of the Commission stressed that the Settlement Committee is not a ‘whitewashing’ instance and that settlement discussions might take place in parallel with any investigation, inquiry or referral to the Enforcement Committee which have already started.

In the years between 1991 and 1997 and more recently between September 2016 and November 2019, Kenya implemented interest rate caps to respond to concerns raised by the public regarding the high cost of credit.