Lagos betting crackdown; fintech licensing proposal

1. Lagos hands telcos 30 days to verify betting licences: The Lagos State Lotteries and Gaming Authority has ordered mobile network operators and value-added service providers to verify the licensing status of betting businesses within thirty days. The directive warns that unlicensed services must be suspended, clarifying that Nigerian Communications Commission approvals do not authorize gaming activities in the state. 2. SEC warns Nigerians against investing through ‘unregistered’ WayvePay: The Securities and Exchange Commission has warned Nigerians against investing through WayvePay, stating the platform is not registered to solicit investments or operate in the capital market. The regulator advised the public to verify entity status on official portals to avoid fraud risks associated with unregistered online investment channels. 3. Africa fintech leaders propose common licensing framework: Fintech leaders in Lagos proposed a common licensing framework to reduce regulatory duplication and facilitate cross-border digital payments across Africa. The initiative suggests mutual recognition of licenses and minimum standards, allowing companies licensed in one jurisdiction to operate in others without adopting identical national regulatory systems. 4. MTN, Airtel take 90% of Nigeria’s 15m new subscribers as Glo shifts ground: Nigeria’s mobile market added over fifteen million subscribers between January and August 2026, with MTN and Airtel capturing ninety percent of net additions. MTN surpassed one hundred million subscribers, strengthening its market share, while Globacom’s share declined despite adding users, indicating a consolidation of market power among top operators.