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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!

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Re: Setting Up A Fintech Company In Nigeria. by airsaylongcome: 11:43am On Jun 05, 2022
https://www.classic-attorneys.com/legal-requirements-for-starting-a-fintech-company-in-nigeria/

https://lexpraxisng.com/2021-cbn-licensing-requirements-for-operating-a-fintech-startup-in-nigeria/

Long story short you will need at least ₦50m
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:
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 definitely 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 Undisputed11: 3:46pm On Jun 05, 2022
I really appreciate ya! Thanks!
airsaylongcome:
https://www.classic-attorneys.com/legal-requirements-for-starting-a-fintech-company-in-nigeria/

https://lexpraxisng.com/2021-cbn-licensing-requirements-for-operating-a-fintech-startup-in-nigeria/

Long story short you will need at least ₦50m
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:
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 Nobody: 3:48pm On Jun 06, 2022
thanksjosh005:
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.


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?

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Re: Setting Up A Fintech Company In Nigeria. by thanksjosh005: 12:53am On Jun 07, 2022
Studymore123:


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?


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/

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