Nitric:
I'm still expecting responses

Nitric:
I would like to get some insight into the workings of fintech companies here in Nigeria.

- Specifically I am interested in companies that have deployed loan apps eg Branch, Paylater, Sokoloan, Zedvance, Fastcredit etc.

- I am also interested in companies that process electronic transactions (payment of DSTV/GOTv subscription, Ikeja/Eko/Abuja/Enugu Electricity Distribution payments and solutions eg Paga, Quickteller, etc

- Agent banking services eg First Bank's Firstmonie

If you have worked in any company that was involved with any of the above please provide a brief description of the internal processes, minimum capital required, licences and regulation etc.

I want only people who have first hand experience and have a firm grasp of the processes especially if you were in Operations, Finance or Marketing

I will contact you privately to get additional information if I'm convinced that you have the level of experience and knowledge I require

Mannyemmy:

To answer your questions,
Fintech industry is rapidly growing in Nigeria and it's really not quite difficult to start if you're capital intensive. I'll give you a brief overview.
For many young Nigerians and business owners, fintechs have made payments easier, lending quicker and wealth management more relatable competing against traditional financial institutions.
Nigeria's fintech space is unique compared to that of South Africa or Kenya – the two other fintech hubs in Africa. Kenya had an early start, while Nigeria is yet to have a telco-led MMO (though this is expected soon). South Africa has a large and sophisticated financial and banking sector, and over the years the top-four largest banks in Africa have been South African banks while Nigeria is ranked in the third class of banking in Africa.
The major challenges of the fintech companies in Nigeria is lack of access to Nigerian capital market and the regulatory framework. In Nigeria, there is really no specific fintech licensing requirements.
As regards the regulations, it's quite complicated.
As regards the license cost, the actual licence cost between ₦50,000 and ₦2 million, it all depends... But if it's the likes of Branch, Paylater etc as you have earlier aforementioned, I believe it won't cost much and as a matter of fact you can even startup your fintech platform without obtaining the license if only you have good relationship with the bank you're going to affiliate with.
The capital needed for the establishment of a standard fintech platform that offers features such as send, receive and request money, pay bills such as electricity bills, sports betting, cable TV subscription, airtime topup, data purchases, agent banking services etc is about 5M to 15M depending on your outreach and definitely some other unique features to distinguish you from other financial services.
I hope this helps.

For further information, you can send me a mail to masterekundayo@gmail.com

Thanks.

Nitric:


Your response is quite detailed and confirms some of information I have been able to get from other sources.

Thanks a lot

Nitric:


Your response is quite detailed and confirms some of information I have been able to get from other sources.

Thanks a lot

Mannyemmy:

Nitric, Can you invest in a standard and unique startup fintech company and we have a signed deal? We don't mind registering the said business with your personal and corporate details.
My tech startup was actually developing a very professional and standard uniquely fintech platform but stopped some time ago due to some monetary limitations for the marketing strategies we planned. We can provide you some working demos for clarification.
We do have a good knowledge of how it's being run in Nigeria as most of us including myself has worked for some fintech companies in Nigeria.
For more info, please send me a mail.
trhanks.

Nitric:


What is your email address please?

Mannyemmy:

masterekundayo@gmail.com

Mannyemmy:

Nitric Still awaiting your mail.
Thanks.

Nitric:


So sorry, I have been very busy.

I will contact you today

Mannyemmy:

Okay, waiting.

Nitric:


I already sent you an email a while ago.

Please check your inbox

mcameo:
@Nitric

Hope you sorted out the fintech investment, I would be interested.

Email: mike.cameo@yahoo.com

07011680871