Setting Up A Fintech Company In Nigeria

Introduction

With the rapid growth of technology, start-ups have continually found ways to improve financial services. This trend has been matched by the growing appetite of the consumers for faster and more convenient financial services. The financial sector in Nigeria has witnessed a growth in fintechs with their revenue expected to reach $543m in 2022.

In this article, we have set out below the process of setting up a fintech company in Nigeria.

1. Licences

For promoters seeking to set up a fintech, it is generally advised that they understand the existing regulatory space before proceeding to incorporate the business. This will help promoters to under the acceptable organisational structural, share capital requirements and financial implications attached to any  business they seek to engage in.