What's the cost of registering a Fintech company in Naija?


#1

How much would it cost to register a Fintech company in Nigeria?


#2

http://new.cac.gov.ng/home/


#3

As much as I will like to help, the question is really vague.

A minimum requirement for any company is to be registered with CAC. In addition to this, you will be regulated by the industry your fintech solution is focused on. Is it insurance, banking, payment etc ?

When you give more clarity, you can get specific help.


#4

We are looking to do Payments and also international money transfer from Nigeria to US.


#5

This falls squarely with CBN. This CBN link is a good start for you to wrap your head around regulatory requirements .


#6

hello @saosimeon1 you can visit the faq section on the website www,legitng.com, sure you’d find answers that can help with your question.

For a more detailed breakdown, you can also send a mail to info@legitng.com.

I hope this helps.


#7

Edited to loop in @saosimeon1, replied to the wrong message.


Hi, as @spokentwice, rightly said it depends on your specific business. Even payments is a broad answer with various applicable licences e.g payment aggregator, switch, mobile money etc

Generally minimum share capital ranges from N2million to N25 billion. Again depending on the licence you need, your share capital may need to be fully paid up (i.e. have all the money deposited with a regulator) or partially paid up, in which case all you’ll be paying are CAC fees and Stamp duties.

Again depending on your industry regulator (if your payment technology, for example, needs an NCC licence), there may be other fees to be paid.

To get a relevant answer, I’ll suggest you speak with a professional who can do you a researched opinion on the specific licences you need for your technology. The financial industry is a heavily regulated one, so there is no “one size fits all” answer.


#8

@odunoluwa is definitely THE professional to talk to :slight_smile:


#9

My own advice, unless you have all the fund, register a business name and upgrade once you are fit for your desired vision.
The beautiful thing about Nigeria is the life it gives to start ups - they are not looked at as anything serious so the government care less which sort of give the breathing space to just start something

Also as noted, speak with a pro