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SEC initiates program for FinTech operations in Nigeria
The Securities and Exchange Commission (SEC) has officially rolled out a Regulatory Incubation (RI) program for the operation of FinTechs in the Nigerian Capital Market.
The SEC designed the program as a response to the needs of new business models and processes that require regulatory authorisation especially those active in the capital market.
More so, it is an interim measure to aid the evolution of effective regulation and innovation of FinTechs in Nigeria.
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SEC Nigeria Fintech program
The SEC will launch and open admission to identified Fintech business models into the RI Program in Q3 of 2021.
The RI program incorporates two phases of participation – an Initial Assessment Phase and the Regulatory Incubation Phase.
Participants can apply with the FinTech Assessment Form and the SEC will further review completed forms.
It will send out notifications with details of admission in the RI program including the category to be admitted into ahead of each take-off date.
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The SEC RI program accommodates operating FinTechs and those seeking to operate in the capital market. More so, the RI program will accommodate FinTechs who identify with no specific business regulation.
Download a copy of the SEC Regulatory Incubation Guidelines from the SEC Innovation and Fintech Portal.
