CBN licences in Nigeria: types, costs & what fintechs should know
- The Central Bank of Nigeria requires fintech startups to obtain specific licenses based on their services.
- The Switching and Processing Licence is essential for companies processing payments and requires a minimum capital of ₦2 billion.
- Mobile Money Operator (MMO) Licence is mandatory for wallet-based platforms, also requiring ₦2 billion in capital.
The detailed breakdown of licensing requirements and costs is invaluable for fintech startups in Nigeria, as it not only aids in compliance but also positions them favorably in the eyes of investors. However, the high capital requirements and complex regulatory landscape may pose challenges for new entrants, necessitating thorough planning and expert consultation.
