Nigeria Regulatory Compliance
Central Bank of Nigeria Licensing
Binoova operates under the Payment Service Provider (PSP) license issued by the Central Bank of Nigeria, in partnership with licensed financial institutions.
Key Compliance Areas:
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Operational License: PSP License No. CBN/PSP/2023/0456
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Transaction Limits: Compliance with CBN's transaction limits for different customer tiers
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Settlement Standards: T+1 settlement cycle as mandated by CBN guidelines
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Capital Requirements: Maintains required capital adequacy ratios
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Reporting: Daily, weekly, and monthly reporting to CBN Financial Policy and Regulation Department
Nigeria Data Protection Regulation (NDPR)
Full compliance with NDPR 2019, ensuring protection of personal data and privacy rights of all Nigerian users.
Key Provisions:
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Data Processing Consent: Explicit consent obtained for all data processing activities
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Data Localization: Nigerian user data stored within country borders
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Breach Notification: 72-hour breach notification protocol to NITDA
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Data Subject Rights: Right to access, rectification, and erasure enforced
Anti-Money Laundering & Counter-Terrorism Financing
Comprehensive AML/CFT program in accordance with CBN Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) Guidelines 2022.
Key Controls:
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Customer Due Diligence (CDD): Tiered KYC for all customers based on risk assessment
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Transaction Monitoring: Real-time monitoring of suspicious transactions
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Sanctions Screening: Screening against OFAC, UN, and Nigerian sanctions lists
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Reporting: Suspicious Transaction Reports (STRs) to NFIU as required
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Record Keeping: 5-year retention of all transaction records
Consumer Protection Framework
Adherence to CBN Consumer Protection Regulations and Framework for all financial services provided to Nigerian customers.
Key Protections:
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Transparent Pricing: Clear disclosure of all fees and charges
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Dispute Resolution: 48-hour response time for customer complaints
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Funds Protection: Segregated client funds in licensed banks
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Financial Literacy: Educational resources for operators and end-users
Liberia Regulatory Compliance
Central Bank of Liberia Licensing
Binoova operates under the Payment Service Provider license issued by the Central Bank of Liberia, in compliance with the Financial Institutions Act of 1999.
Key Compliance Areas:
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Operational License: PSP License No. CBL/PSP/2023/0789
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Mobile Money Integration: Compliance with CBL Guidelines for Mobile Financial Services
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Safeguarding Requirements: 100% backing of customer funds in liquid assets
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Capital Adequacy: Maintenance of minimum capital requirements
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Reporting: Quarterly financial reports to CBL Supervision Department
Liberia Data Protection Act Compliance
Compliance with the Liberia Data Protection Act and international data protection standards for all Liberian users.
Key Provisions:
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Data Minimization: Collection of only necessary personal data
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Cross-Border Transfer: Adequate safeguards for international data transfers
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Security Measures: Implementation of appropriate technical and organizational measures
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Data Subject Rights: Enforcement of Liberian data protection rights
Liberia AML/CFT Compliance
Implementation of AML/CFT measures in accordance with the Liberia Anti-Money Laundering and Terrorist Financing Act 2012 and FIU guidelines.
Key Controls:
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Risk-Based Approach: Risk assessment for all customers and transactions
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Enhanced Due Diligence: For politically exposed persons (PEPs) and high-risk customers
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Transaction Limits: Compliance with CBL prescribed transaction limits
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FIU Reporting: Compliance with Financial Intelligence Unit reporting requirements
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Training: Regular AML training for all employees and agents
Mobile Money Operator Compliance
Compliance with CBL Guidelines for Mobile Financial Services and partnerships with licensed Mobile Money Operators (Orange Money, Lonestar MTN).
Key Requirements:
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Agent Management: Proper vetting and training of all agents
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Interoperability: Compliance with CBL's interoperability requirements
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Dispute Resolution: Clear procedures for customer disputes
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Consumer Education: Financial literacy programs for Liberian users