Setting Up A Fintech Company In Nigeria. - Programming - Nairaland
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| Setting Up A Fintech Company In Nigeria. by Undisputed11: 11:20am On Jun 05, 2022 |
Hello house, please what are the things I'd need to set-up a standard Fintech company here in Nigeria......Cost ( budget ) And also the steps Involved. Your opinion would really count. Thanks! Please reply to this or WhatsApp 09024218279 |
| Re: Setting Up A Fintech Company In Nigeria. by airsaylongcome: 11:43am On Jun 05, 2022 |
| Re: Setting Up A Fintech Company In Nigeria. by thanksjosh005: 1:52pm On Jun 05, 2022 |
Hello, undisputed11 Truly, long story short but... I am helping with preparing some fintech solution whitepaper for investors and individuals like you. The cost is definitely quite high and I'm sure the whitepaper should be a useful resource for you with everything you need to know. Even so it may help acknowledging that what you are venturing into is lucrative no matter the cost. You'll also be working with a system analyst and a software developer to pull virtually everything off for you after the paperworks with the cbn. Thus through the cbn and the cbn alone, you'll be required to purchase registration form of around 100k which according to them is unrefundable let alone, licencing fee that goes for a million or there about. You'll have to go through the cbn to verify and licence your business or payment banking service first before anything else. Because what's the use of building your products without being licensed first as there might arise jeopardy with getting licensed after establishing your products for your customers (meanwhile your fintech establishment is struggling with the cbn for licence). This is all I can let you know for now before proceeding towards the other stages which involves meeting with a developer company that may link you with all you need including hardware. |
| Re: Setting Up A Fintech Company In Nigeria. by BerislavHR: 3:29pm On Jun 05, 2022 |
thanksjosh005: |
| Re: Setting Up A Fintech Company In Nigeria. by Undisputed11: 3:46pm On Jun 05, 2022 |
I really appreciate ya! Thanks! airsaylongcome: |
| Re: Setting Up A Fintech Company In Nigeria. by Undisputed11: 3:47pm On Jun 05, 2022 |
Thanks for this awesome information, I really appreciate ya! thanksjosh005: |
| Re: Setting Up A Fintech Company In Nigeria. by Nobody: 3:48pm On Jun 06, 2022 |
thanksjosh005: Are you working on this alone or you're working with a team? Is your paper on establishing fintech in Nigeria or services/solutions for fintech in Nigeria? How's the licensing process with the CBN? What do you mean by the high cost? 1 Like |
| Re: Setting Up A Fintech Company In Nigeria. by thanksjosh005: 12:53am On Jun 07, 2022 |
Studymore123: Hello, you probably didn't read my post strictly or in exactly the same way that I mean. So likely you have misread them. I reviewed it and thought as much. Apparently, the process is a little tedious and typically takes 90 days. I stated that you must have cleared all paperworks with the cbn and have been offered licence before taking things further with a contractor or an IT company. For the costs I said that are high, the investor is probably someone in very close liaison with groups of other investors to meet with the financial requirements. |
| Re: Setting Up A Fintech Company In Nigeria. by branditprintit: 11:07am On Oct 14, 2022 |
i strongly believe Fintechs should be utilized on a broader scale by the majority of the african populace although compromises such as hacks and endpoint security compromises continue to pose as huge challenges as i previously read about Binance Hack. i mean if that can happen to those who are been looked up to what is the parameter that will then be employed for Nigerian Fintech organizations. i hope for the best and i try my best to be part of the solution rather than just pointing out the problem alone (which is also the beginning of finding a solution) finally my take is that fintech in Africa should engage more professionalism in their Security measures . see this https://arravo.co/email-security-and-encryption-definition-importance-and-more/ |
| Re: Setting Up A Fintech Company In Nigeria. by Ayo9142(m): 1:09am On Mar 17, 2023 |
Here’s a updated guide on how to start a fintech company in Nigeria. You’ll also learn how to build your fintech apps without coding https://bills.africa/blog/how-to-start-a-fintech-company-in-nigeria/ |
| Re: Setting Up A Fintech Company In Nigeria. by SimpleGuy001: 3:14am On Sep 17 |
airsaylongcome: But must have this money for starting the business? How about leveraging partnerships with those with license and using their API? Does that work? |
| Re: Setting Up A Fintech Company In Nigeria. by airsaylongcome: 3:17am On Sep 17 |
SimpleGuy001: That should work I guess. Good route to get into that space. Don't let the 50m discourage you. Start anyway possible and grow your business |
| Re: Setting Up A Fintech Company In Nigeria. by SimpleGuy001: 3:31am On Sep 17 |
airsaylongcome: Thank you. This fintech idea no wan let me sleep, up in the middle of the night searching for knowledge to see how to make it work before getting a developer for it. Thanks, that solves a lot of issues cause license money is huge. |
| Re: Setting Up A Fintech Company In Nigeria. by 360who: 7:23am On Sep 17 |
Except you seek funding, its a very tough space to last in. The corruption at the CBN is so deeply exhausting that you'd keep paying annually to stay afloat as it is a very crowded space and very rife with corruption. I'd rather use 50m to set up a startup that is personally funded and solves a niche problem. Then when you have paperwork to show that the business is making tons of money, investors would fight over you. Watched a lot of people fold up in the finance space. For you to succeed, you must have major backing. Someone who is not scared of failure. Never believe all you see on the internet. The Nigerian tech space is a fascade compared to what really goes backdoors. A lot of foreign investors dont trip in becos they are highly successful. They trip in becos they launder way more and way easier than they'd ever do in the western world. As regulations are not as strict and you can get away with anything in Nigeria. |
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