₦airaland Forum

I want to venture into that space but license fee I am seeing is crazy.

Can someone use other bank’s license by usin their API for the fintech product?

Would be work, that way you cut out that license requirement, get early users and when you raise money then you can go for license?

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SimpleGuy001:
I want to venture into that space but license fee I am seeing is crazy.

Can someone use other bank’s license by usin their API for the fintech product?

Would be work, that way you cut out that license requirement, get early users and when you raise money then you can go for license?

Pssp fee right, its not for poor men
What you need is to latch on existing/ bigger Fintech platform and be like a sales aggregator

SimpleGuy001:
I want to venture into that space but license fee I am seeing is crazy.

Can someone use other bank’s license by usin their API for the fintech product?

Would be work, that way you cut out that license requirement, get early users and when you raise money then you can go for license?

Fintech is for the rich. Funding a project to pre seed level could easily cost $100k.

RealLordZeus:
Pssp fee right, its not for poor men
What you need is to latch on existing/ bigger Fintech platform and be like a sales aggregator

So you mean all the fintech products I am seeing got license? I doubt it. I feel other banks license can be leveraged on, I read it somewhere. I am just looking for someone with experience in it.

SimpleGuy001:
So you mean all the fintech products I am seeing got license? I doubt it. I feel other banks license can be leveraged on, I read it somewhere. I am just looking for someone with experience in it.

I told you to reach out to me, you claimed I'm a thief. Well, I won't exchange words with you. I thought I was trying to provide some assistance based on your request.

SimpleGuy001:
So you mean all the fintech products I am seeing got license? I doubt it. I feel other banks license can be leveraged on, I read it somewhere. I am just looking for someone with experience in it.

I already stated how they are doing it in the post chief, latching on a bigger coy API

Direct Banks API consumption go show you shege, majority of the commercial banks don't even have the option.

You can check GTB squad

njokuuche77:
I told you to reach out to me, you claimed I'm a thief. Well, I won't exchange words with you. I thought I was trying to provide some assistance based on your request.

Me ke. Who said you are a thief, I did not see your message oooo. Pls check who quoted you, definitely not me. I don’t insult people anyhow, def not me

njokuuche77:
I told you to reach out to me, you claimed I'm a thief. Well, I won't exchange words with you. I thought I was trying to provide some assistance based on your request.

Pls how can I reach you? It was not me that quoted you ooo. Plus I did not see your comment when I logged in this morning. I am only seeing a dot

RealLordZeus:
I already stated how they are doing it in the post chief, latching on a bigger coy API

Direct Banks API consumption go show you shege, majority of the commercial banks don't even have the option.

You can check GTB squad

Oh thanks. I can see the squad thing. It’s basically for merchants. Plus takes 24 hours for payment to reflect….

What I want is basically something instant. Just like an opay to Kuda kinda transaction.

What I wanted to know is if license can be used from other banks which you’ve answered. Thank you

I will research out banks that can offer their API, it’s basically to get an MVP up and running for early users.

SimpleGuy001:
Oh thanks. I can see the squad thing. It’s basically for merchants. Plus takes 24 hours for payment to reflect….

What I want is basically something instant. Just like an opay to Kuda kinda transaction.

What I wanted to know is if license can be used from other banks which you’ve answered. Thank you

I will research out banks that can offer their API, it’s basically to get an MVP up and running for early users.

That Instant is where Agbada go hook for fence o. That's what everyone wants but very difficult. I'm almost certain you will need your own license for that. If you are leveraging someone else's API, very very likely that money will reflect T+1 at the earliest if not T+2. I will refer you to one resource I used when I was experiementing with entering that space. Mojaloop Learning resources at learn.mojaloop.io.

Most of these Fintechs use an open source backend (built with Java) for the solutions and have a frontend end that then consumes API from the backend. A few slightly customise this backend for their specific business case, but most start of with it unmodified

airsaylongcome:
That Instant is where Agbada go hook for fence o. That's what everyone wants but very difficult. I'm almost certain you will need your own license for that. If you are leveraging someone else's API, very very likely that money will reflect T+1 at the earliest if not T+2. I will refer you to one resource I used when I was experiementing with entering that space. Mojaloop Learning resources at learn.mojaloop.io.

Most of these Fintechs use an open source backend (built with Java) for the solutions and have a frontend end that then consumes API from the backend. A few slightly customise this backend for their specific business case, but most start of with it unmodified

Boss sorry for disturbing ooo. But I want to ask, what is T1 and T2?

Plus for instance, see this app below. It’s a lending app that allows for savings and investment also that uses wema account and they definitely are operating on only lending license. But when I send money, maybe most 5 mins it is in. So do they have that switching license of 2bn and co?

Cause that is why I am asking the question. Screenshot attached