Introduction
On April 28, 2023, the Nigerian Securities and Exchange
Commission (the "SEC") issued a circular announcing the
opening for applications from interested fintech operators for the
inaugural cohort of its Regulatory Incubation ("RI")
Program. The application period for Cohort 1 will span from April
28, 2023 to May 26, 2023.
The RI Program was introduced by the SEC on June 16, 2021 when
it issued the Regulatory Incubation Guidelines for Specific
Category of FinTech Entrepreneurs (the "Guidelines").
The RI Program offers fintech entrepreneurs the opportunity to
test their innovative products and services in a controlled
environment, without having to comply with all ofthe regulatory
requirements that apply to established financial institutions.
