Fintech—short for Financial Technology—has become one of the hottest things in the tech world in recent years. In simple terms, it’s about using tech to make financial services faster, smarter, and more accessible. Wetin person go do without it these days?
In Nigeria, fintech is more than a buzzword. It’s solving real money problems—helping people save, invest, transfer, and even borrow with ease. But make no mistake, this space no be beans. It’s heavily regulated, and for good reason.
Let’s break it down in a way that makes sense. No grammar overload here—just the koko.
So, What Exactly Is Fintech?
Fintech refers to innovations that improve how we access or use financial services. It allows you to send money instantly, save for future goals, get small loans, or invest—all from your phone. Na real game-changer for this economy.
With how things dey go for Naija—fuel price go up today, food price hike tomorrow—any technology that helps people manage their finances better is not just useful, it’s necessary.
Minimum Share Capital for Fintech in Nigeria
Here’s where plenty people dey enter one chance.
While the usual minimum share capital to register a private company is ₦100,000, fintech businesses operate under tougher requirements depending on the license they’re going for. You could need ₦100 million, ₦500 million, ₦2 billion or even ₦5 billion capital—abeg, no carry play enter this level if your pocket never strong.
Types of Fintech Companies You Fit See for Nigeria
Nigeria’s fintech space is quite broad. Some of the main categories include:
1. Payments
These are the platforms that help businesses and customers make and receive money easily. Big names here include Flutterwave, Paystack, Remita, Paga, Palmpay, Opay, and Baxi. Everybody don dey adopt this one, even small kiosks.
2. Digital Banking
These are like regular banks, but with everything done online—no physical branches. Kudabank is a good example.
3. Lending
These ones dey give quick loans through apps. No collateral, just your BVN and credit data. You go see platforms like Carbon (formerly Paylater), Renmoney, Aella, and Zedvance.
4. Savings and Investment
These help people save small-small or invest in agriculture, stocks, crypto, and more. Examples include PiggyVest, Cowrywise, Kolopay, Risevest, Farmcrowdy, and Eyowo.
Who Dey Regulate Fintech for Naija?
The main regulatory body is the Central Bank of Nigeria (CBN)—and dem no dey smile.
But others join body:
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NDIC for deposit insurance
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NCC when telecoms enter the matter
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SEC for anything investment-related
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NAICOM if insurance dey involved
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CAC for registering the company
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And if foreign investors are involved, you’ll need NIPC and NOTAP clearance too
Long story short, no be just to build app and dey collect people money—rules full ground.
How to Register Your Fintech Business the Right Way
To run fintech legally in Nigeria, you need to:
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Register your company with CAC
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Apply for the right license from CBN or relevant body
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If foreign partners dey involved:
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Get a business permit
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Register with NIPC and NOTAP
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If you want to run a loan app, you’ll also need a money lender license from the state government
No be cut and join work o. E full ground.
Types of Fintech Licenses and Their Capital Requirement
Depending on the type of service you want to offer, there are different licenses, each with its own required capital.
For instance:
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Switching and Processing requires ₦2 billion
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Mobile Money Operations need ₦2 billion too
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Payment Service Banks (PSBs) are higher—they need ₦5 billion
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Payment Terminal Service Providers need ₦100 million
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Super Agent licenses require ₦50 million
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Digital Lending needs ₦2.5 billion
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Digital Crowdfunding demands ₦100 million
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Robo-Advisory licenses are the lightest with ₦5 million
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Insurance-focused fintech (Insurtech)? You could need ₦2 billion to ₦20 billion depending on whether you’re handling life, general, or reinsurance
You don see am—no be small thing. This one na big boys table.
Cost of Getting a Fintech License
You need to budget for these costs:
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₦100,000 for the application fee (non-refundable)
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Deposit of your share capital into a CBN escrow account (refundable later)
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₦1 million for the actual license processing (before final approval)
No hide-and-seek—CBN dey very clear about wetin dem want.
How Long Does the Process Take?
Honestly, no fixed time dey. It all depends on how fast your paperwork is, the kind of license you’re applying for, and how clean your documents are.
If you’re sharp, you fit get it done in 3 to 6 months. If you slack or get incomplete files, CBN go just sideline you till you’re ready. Wahala no dey, but you gats dey serious.
Final Thoughts
Fintech is opening serious doors in Nigeria. The growth no be beans. But this thing no be something you jump into with vibes and prayers alone. If you no do am well, e go burn you.
So before you go launch one shiny app or start moving people’s money, ask yourself:
“I get the correct license?” “I dey follow regulation?”
Because CBN no dey use eye see nonsense.
If you’re ready to enter the fintech space the legit way, no dull. Get your company registered, choose the license that fits your business, and do everything by the book.
And if you need help? We dey here to assist—no go do trial-and-error. Fintech no be betting app.