Licensing and Compliance Requirements for Fintech Startups in Nigeria (Part One)
Financial Technology Companies (“FinTech”) have been on the rise in the last decade offering innovative financial solutions to meet the growing demands of consumers in Nigeria. These FinTech Companies at startup level would require certain licenses from the relevant regulatory bodies who superintend over the space to operate legally in Nigeria. This two-part article seeks to examine the licensing and compliance requirements FinTech startups must navigate to obtain licenses and remain compliant with the different regulatory bodies. The first of the digest highlights the different FinTech offerings as well as regulatory bodies and legislations – Acts, Policies, Regulations and Guidelines that govern the industry.
Identifying FinTech Offerings
Intending FinTech Startups must first and foremost identify what aspect of Financial Technology services they are willing to offer. These FinTech offerings include: