Why Nigeria’s Fintech Market is a Goldmine (And Still Growing)

Nigeria is Africa’s fintech capital. With over 200 active fintechs, a digitally savvy youth population, and an expanding middle class, the country has become a prime destination for startups solving financial inclusion and payment infrastructure gaps.

Nigeria’s fintech industry is booming—and the numbers prove it:

• Over $2 billion in fintech investments since 2019
  
• Nearly 50% of Nigeria’s adult population still underbanked
  
• Widespread mobile phone penetration fueling mobile money adoption
  

From payment platforms like Flutterwave and Paystack to loan apps, digital banks, and crypto startups, Nigeria is a launchpad for Africa’s financial innovation. With supportive policies from regulators like the CBN, fintech is no longer an experiment; it’s the future of finance.

🌐 Thinking of building the next Flutterwave or Paystack? This guide is for you.

What Qualifies as a Fintech Company in Nigeria?

A fintech company in Nigeria is any entity that leverages technology to provide financial services. Common fintech segments include:

• Payments (e.g. mobile wallets, POS, gateway services)
  
• Lending (e.g. BNPL, salary advances, P2P loans)
  
• Wealthtech (e.g. robo-advisors, investment apps)
  
• Insurtech (e.g. digital microinsurance platforms)
  
• Crypto and blockchain solutions
  

Many of these sectors fall under regulatory sandboxes that allow innovation under light-touch supervision.

Step-by-Step Process for Registering a Fintech Company

Step 1: Incorporate Your Company with the CAC

Start by registering a Private Limited Company (Ltd) through the Corporate Affairs Commission (CAC).

Minimum share capital:

• At least ₦100 million for most regulated fintech categories (e.g. MMO, PSP)
  
• Must have at least two directors with fintech, legal, or finance experience
  

Include fintech-related objects in your Memorandum of Association (MEMART) to reflect your intended services.

Step 2: Register with the FIRS for Tax Compliance

Your company must register with the Federal Inland Revenue Service (FIRS) to:

• Get your Tax Identification Number (TIN)
  
• Register for VAT and other tax obligations
  
• File annual returns
  

Failure to register can affect your licensing and banking processes.

Step 3: Apply for the Right Fintech Licences

Licensing depends on the nature of services your fintech will offer. Here’s a breakdown:

Each license type comes with its own application forms, capital deposit, and review timelines.

Step 4: Fulfill NITDA & Data Protection Requirements

You’re likely to handle sensitive user data, so you must comply with the Nigeria Data Protection Act (NDPA) under NITDA.

• Appoint a Data Protection Officer (DPO)
  
• Draft and display a valid privacy policy
  
• File an annual data audit report
  

Step 5: Set Up Operational and Compliance Infrastructure

To qualify for most licences, you’ll need:

• Secure tech stack (APIs, KYC platforms, data encryption)
  
• Compliance manuals (AML, CFT, KYC policies)
  
• Proof of customer onboarding procedures
  
• Physical or virtual office in Nigeria
  

🏦 Need help with compliance docs or tech partnerships? Let’s talk.

Required Documents for Fintech Registration

Here’s a checklist of core documents you’ll need for company registration and licensing:

• CAC Certificate (RC number)
  
• Memorandum & Articles of Association
  
• Form CAC 1.1
  
• Company profile and business plan
  
• Financial projections and funding sources
  
• Directors’ and shareholders’ IDs and CVs
  
• AML/CFT policies
  
• Data protection documentation
  
• Tax Identification Number (TIN)
  
• Evidence of paid-up share capital
  

Pro tip: Organize all your docs before approaching regulators. It shortens processing time.

How Long Does the Registration Process Take?

⏳ Want to move fast? We’ll help you complete multiple stages in parallel.

Common Mistakes to Avoid

• ❌ Underestimating share capital requirements
  
• ❌ Using unqualified directors or placeholder shareholders
  
• ❌ Copy-pasting compliance policies
  
• ❌ Applying for the wrong licence
  
• ❌ Ignoring data protection obligations
  

✅ We’ll help you build a solid, regulator-friendly application the first time.

FAQs: Registering a Fintech in Nigeria

Q: Can foreigners own a fintech in Nigeria?
Yes. Foreigners can fully own a fintech company but must comply with NIPC and Business Permit requirements.

Q: What’s the easiest fintech licence to get?
A CBN PSSP or SEC crowdfunding licence is relatively easier compared to MMO or switching licenses.

Q: Do I need a physical office?
Yes, though some regulators now accept virtual offices with verifiable addresses.

Q: What if I’m building a crypto startup?
You’ll likely go through SEC’s innovation sandbox while CBN finalizes its position on crypto.

Ready to Launch? Let’s Register Your Fintech the Smart Way

📞 Book a FREE strategy session with our fintech launch experts:

• CAC registration and legal structure setup
  
• Fintech licence application support (CBN, SEC, NDIC, NITDA)
  
• Data protection audit and KYC/AML policies
  
• Pitch deck and investor readiness support
  

🚀 Join 50+ successful fintech founders who started with our help.

Suggested Internal Links

• How to Obtain a Business Permit in Nigeria as a Foreign Investor
  
• Required Documents for Foreigners Starting a Business in Nigeria
  

Step-by-Step Guide to Filing Corporate Income Tax in Nigeria