To start a fin-tech company in Nigeria, here are quick steps to guide you below:

STEP 1: Identify your Niche

The order of Fintech truly relies upon different conditions.

It might refer to a particular series of start-ups and companies, or it might apply to initiatives empowered by technological innovations that add to the improvement of the financial sector.

There are numerous dimensions in Fintech to consider, here are some of them:

• Fund Movement, or transactions through giving or receiving payments.
• Fund Placement, or the financing of planned or unplanned financial regulations.
• Data Management, to enable improved decision making.

For starting a fintech company in Nigeria, one must be crystal clear of the target market and the problem to be addressed.

Besides choosing a domain, your product should cater for a specific audience, e.g. a country, a state, or a city.

However, it is always better idea to launch your startup in your locality first, then expand to the global market later if required.

STEP 2: Find out the Regulations

Who regulates fintech companies in Nigeria? The banking and finance industries are strictly regulated and for obvious reasons.

The regulations are the reason financial service industries are tough to break into. Numerous laws have been put in place to ensure that these sectors are protected from crime or frauds.

STEP 3: Know Your Edge

The fintech industry is getting populated as the day goes by. Many creative innovations are already underway.

However, a critical entrepreneurial question to ask is if your product/business will be able to offer something unique and solve problems.

STEP 4: Obtain the Required License

The license required relies upon the FinTech industry you plan to concentrate on for example insurance, banking and payment and so on.

The Central Bank of Nigeria as of late presented a licensing regime called Payment Service Providers required by FinTech’s to work in the e-payment space.

Additionally, the Nigerian Communications Commission (NCC) regulates FinTech businesses where the FinTech services being offered by a company includes mobile phones pursuant to the License Framework for Value Added Service (VAS).

STEP 5: Register Your Business

Any individual, local or foreign company wishing to startup a Fintech company in Nigeria must include a separate company with the CAC. The steps for registering a startup company with the CAC is as follows:

• Check for availability of proposed company name with Corporate Affairs Commission (CAC) and reserve it

The information to be included in an Application form for Registration of a Company (Form CAC 1.1) are:

• Address of the registered office of the company
• Authorized Capital of the Company- the regular authorized share capital for a local company is One Million Naira (N1,000,000).
• Particulars of 2 Directors and Shareholders.
• Statutory Declaration of Compliance with the requirements of CAMA by a Legal Practitioner

The required documents for second stage and completion of the incorporation with CAC include:

• Signed and Stamped Copies of the Memorandum and Articles of Association
• Original documents authorizing the incorporation where applicable.
• Photocopy of the information page of the passport or the national identity card of each director or shareholder.

Source: owogram.com