Solomon6383:
But if it wasn't register with CBN but only register the Company name with CAC what would happen?

Nobody would trust you with their money

Since it's an International Payment App and not only limited to Nigeria, is it possible for me to register it with another Financial institution outside Nigeria? For example; Central Bank of Ghana, Central Bank of India which it will be a little bit cheaper than this CBN of Nigeria?

Johnwick64:
Nobody would trust you with their money

Series of which Funding? I am Funding by myself so it's a big problems. To get the App done on ios and Android store and be functioning effectively is not the issue but this CBN registration. But if I may asked, this is an International Payment App so why does it really concerns the CBN? It's not only limited to Nigeria even the main currency of the App would be in $ so does it really necessary I registered with CBN or am the one that's just disturbing myself?��

Johnwick64:

Well in dollars it's a couple of millions, they have to place it as a benchmark so only serious business will be able to apply. Hopefully you would make back the 2 billion in a couple of years. But you don't expect them to let you facilitate billions of naira in payment without paying that huge.
With series of funding, that should not be a problem.

Solomon6383:
Since it's an International Payment App and not only limited to Nigeria, is it possible for me to register it with another Financial institution outside Nigeria? For example; Central Bank of Ghana, Central Bank of India which it will be a little bit cheaper than this CBN of Nigeria?

yes that is possible but I think they would require you to have offices in the country and you would also have to meet their regulatory standard.
With payment companies, you would need multiple license and some are geographically restricted. So if you get a cheaper license somewhere else, Nigeria or some other countries won't be able to use your app except when you get licensed in the countries.
Well at least, you would have made money to be able to purchase other licenses

Solomon6383:
Series of which Funding? I am Funding by myself so it's a big problems. To get the App done on ios and Android store and be functioning effectively is not the issue but this CBN registration. But if I may asked, this is an International Payment App so why does it really concerns the CBN? It's not only limited to Nigeria even the main currency of the App would be in $ so does it really necessary I registered with CBN or am the one that's just disturbing myself?��

: funding yourself, how big do you want this company to be. There's a going to be a lot involved not just this CBN registration that would require money.Funding yourself does not seem like a good idea. There are other stuffs like you building your own API or purchasing existing companies own.
paying for the license is one thing, passing the requirements is a big deal.You would need to provide documents to show your plan, research you have made about customer growth, in some countries Information that prove YOU have the level of CAPITAL required, risk management you plan on putting in place.
Something cheaper you could do is partnering with companies who has the license and you can discuss economic split.
CBN is the body put in charge of regulations here, in the UK it's the FCA and the PRA.

Good! Now, I think you're talking. I love the last paragraph. Partnering with Company who has the license. That is the exact thought that have been coming to my mind. As for the API, I think that's not an issue. The developer would get that done because am paying a company in Lagos to design the App for me so if I say I wanna design doesn't mean am the one who wanna do it. I'm paying s software company in Lagos who would do that and we've already discussed about the API issues, that's a very small challenge. Also, what I mean by funding myself is that I am the only one who wanna use my fund to execute this, to get someone to help you with fund nowadays is very hard to see as we all know the situation of the country that's what I mean by Funding myself. As for the partnering with a company who is duly licensed as a Payment providers, I think that is the best way to go if they'll not also charge me huge amount of money that is beyond my power but I am sure if my payment idea should be fully ready, it will Interest thousand of users even Million in nearest!!!!

Johnwick64:


: funding yourself, how big do you want this company to be. There's a going to be a lot involved not just this CBN registration that would require money.Funding yourself does not seem like a good idea. There are other stuffs like you building your own API or purchasing existing companies own.
paying for the license is one thing, passing the requirements is a big deal.You would need to provide documents to show your plan, research you have made about customer growth, in some countries Information that prove YOU have the level of CAPITAL required, risk management you plan on putting in place.
Something cheaper you could do is partnering with companies who has the license and you can discuss economic split.
CBN is the body put in charge of regulations here, in the UK it's the FCA and the PRA.

Solomon6383:
Good! Now, I think you're talking. I love the last paragraph. Partnering with Company who has the license. That is the exact thought that have been coming to my mind. As for the API, I think that's not an issue. The developer would get that done because am paying a company in Lagos to design the App for me so if I say I wanna design doesn't mean am the one who wanna do it. I'm paying s software company in Lagos who would do that and we've already discussed about the API issues, that's a very small challenge. Also, what I mean by funding myself is that I am the only one who wanna use my fund to execute this, to get someone to help you with fund nowadays is very hard to see as we all know the situation of the country that's what I mean by Funding myself. As for the partnering with a company who is duly licensed as a Payment providers, I think that is the best way to go if they'll not also charge me huge amount of money that is beyond my power but I am sure if my payment idea should be fully ready, it will Interest thousand of users even Million in nearest!!!!

If you are sure, it will interest million of users, be careful of deals you make with the company you partner with. You don't want them to be gaining more from you than you gain from them. I don't think the company should charge you, taking a percentage would be a better deal. Hope you bring something new into the fintech ecosystem.

Solomon6383:
Since it's an International Payment App and not only limited to Nigeria, is it possible for me to register it with another Financial institution outside Nigeria? For example; Central Bank of Ghana, Central Bank of India which it will be a little bit cheaper than this CBN of Nigeria?

international stuff is on another level and you have to cooperate with the countries laws and open a physical branch, infact if you have trillions of niara to spend along with massive funding and deep connections then go for international stuff or else best to stay away and succeed in your country first.

Infact let me do small expo for you, start with crypto or microfinance.

Also remember that for ios you will need Xcode IDE and $99 per year payment to keep your app on the apple store, make sure you have alot of documents ready because ios don't accept anyhow app on thier platform.

Thank you so much! Now, the main reasons of partnering with a CBN registered Company is just to stand for me incase the Government challenge by Company on the issues of registration right and nothing more

Johnwick64:

If you are sure, it will interest million of users, be careful of deals you make with the company you partner with. You don't want them to be gaining more from you than you gain from them. I don't think the company should charge you, taking a percentage would be a better deal. Hope you bring something new into the fintech ecosystem.

I think I can as well partner with a company who enabled international transaction and I too will also be able to process international payment?

Uncharted56:
international stuff is on another level and you have to cooperate with the countries laws and open a physical branch, infact if you have trillions of niara to spend along with massive funding and deep connections then go for international stuff or else best to stay away and succeed in your country first.

Solomon6383:
I think I can as well partner with a company who enabled international transaction and I too will also be able to process international payment?

depends on the level of partnership, at most if you want to process international payments they will give you permission to use thier api but all other things you will sort it out yourself.

All other things like what? The API is not the issue. I and the Company that will designed this have already spoken about that. My main problems now is how to register so it won't look as if am operating Illegally because I really hate operating something illegally. The main aim of partnering with anybody now is to be justified as far as registration with CBN and others is concerned.

Uncharted56:
depends on the level of partnership, at most if you want to process international payments they will give you permission to use thier api but all other things you will sort it out yourself.

WUdec:
The tech space in naij is broad and still a lot of spaces to fit in.

Me and my team wanna know which apps Nigeria lacks, we are in the process of ideation.


Any ideas? What app do you think would be very successful and one that would provide a solution

I have one but we'll have to sign an NDA

I have a potentially awesome e-hailing idea that should work like fire in Nigeria and by extension in other African countries at least. I need partners who will be devoted to the cause and ready to work. If you might be interested, you can reach me on efem200@yahoo.com
a

funnyDM:


I have one but we'll have to sign an NDA

I am not in Naij

airsaylongcome:


So you honestly think people in SVOD go there to give movie files away? By the time they give the files away who will now subscribe when all the files are freely available on the internet?

The problem is he still doesn’t understand that once I can download a movie to my gallery, it’s as good as “gone viral”, even anti-piracy wouldn’t allow such in a million years to come

If I were a movie producer, I won’t give rights to such company cos I know once one person downloads my latest movie to his gallery, i won’t make a dime

He doesn’t understand this at all

WUdec:
The tech space in naij is broad and still a lot of spaces to fit in.

Me and my team wanna know which apps Nigeria lacks, we are in the process of ideation.


Any ideas? What app do you think would be very successful and one that would provide a solution

I want to ask you a quick question, is paystack an app or software or web application? Just curious.

Solomon6383:
Series of which Funding? I am Funding by myself so it's a big problems. To get the App done on ios and Android store and be functioning effectively is not the issue but this CBN registration. But if I may asked, this is an International Payment App so why does it really concerns the CBN? It's not only limited to Nigeria even the main currency of the App would be in $ so does it really necessary I registered with CBN or am the one that's just disturbing myself?��

If you can get your company registered overseas eg. Romania or Bulgaria, you can run it as a foreign company at the start, exempting you from Nigeria's woes. The only thing they could do is to block you. I doubt they would do so if you operate keeping your identity in stealth

Sheriman:
Entertainment Application Video on demand like Netflix or ShowMax but developers will allow users to download those movies on their phones gallery, then watch it later.

Is BitTorrent a joke to you ??

adeblow:

Ehailing app. Uber and Bolt have over dominated the business. We need an indigenous app to come and aggressively develop and market it well.

More like a state funded app that make use of long buses and you'd get to pay with your phone or cash


T fare should be lesser than normal bus fare

PlaysNigeria:
Hello guys, I recently acquired this domain previously owned by a tech org.
Determination to build a financial service website prompted me to it's acquisition.
What would it best fit for, what web apps are currently needed in the fintech sector that I can usi it for?
Your suggestions please, need co-founders too. Selah

That domain name sucks


Use mad domain name


Imagine using japa.ng or japa .com for a travel website or afia.ng for a supermarket website

I'll drop some ideas for people that want to create mad things

Not only apps but general ideas

An indie game dev team that specializes in games with Nigerian stories and themes
You can start small like Id tech the pioneers of Doom


A non profit organization geared towards security researchers , anybody into sec stuffs and hackers Even lawyers



A conference for hackers in Nigeria
I'm currently about to do this through my self started non profit; cult of chaos


Forum website that's not based off nairaland and have diverse topics with no front page
If I had time , I for do this one , just do a few marketing tactics and bump heads with few ISPs then you're good
If you want to come forum website, clone a Russia forum websites
Bonus if you host it in eastern europe or china
No ads but premium packages
I want to see a lot of forums websites in Nigeria



An app or website for exposing corrupts individuals, corps and groups with evidence in Nigeria



An app to help mentally ill or disabled people in Nigeria without benefits
You'd surprised to see the benefits of what can accomplished




I've many more but fess I go find my book where I wrote most of these ideas down

Schoolshooter:



That domain name sucks


Use mad domain name


Imagine using japa.ng or japa .com for a travel website or afia.ng for a supermarket website

Ookay I’ll pass