Unpacking the CBN’s decision to freeze out wealth management apps
Freezing out the wealthtechs. Source:Stears Business

This week, the Nigerian government made one thing very clear, Nigeria is not open for business.

On Tuesday, we got a glimpse of the amended 2007 Act of Nigeria’s information and technology body—the National Information Technology Development Agency (NITDA). The draft bill for the Nigerian technology ecosystem revealed a theme of licenses, fees, fines and sentences. It proposed a developmental bill to be funded by (wait for it) a levy of 1% from the profit before tax of startups with an annual turnover of at least ₦100,000,000.

But it is the second action directed by the Central Bank of Nigeria (CBN) that we are focusing on today.

This is not the first time an announcement from the CBN has caught our attention, though. Earlier this year, in February, the CBN issued a letter to commercial banks. It was an order to close the bank accounts of any individual or entities

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Fadekemi Abiru

Fadekemi Abiru

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