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.
Fintech Giant Ranks Among World’s Best Cross-Border Payment Solutions in 2025
Flutterwave ranked as one of the top 100 cross-border payment companies for the second year in a row by FXC Intelligence. Almost 50% of businesses on Flutterwave's platform received payments from new geographic locations in 2024.
₦76.5 trillion and counting: Inside the payment surge at GTCO and Access Holdings
Nigerians processed a record ₦79.6 trillion ($49.6 billion) through mobile phones in 2024. GTCO's HabariPay and Access' Hydrogen processed a combined ₦76.5 trillion ($47.7 billion) in transactions in 2024, a 217% increase from ₦24.1 trillion in 2023.
3 Risks African Startups Face Scaling Operations
Funding for African startups has decreased by 50% to $1.1 billion in 2024, with high borrowing costs complicating cash flow management. Twiga Foods has effectively managed cash flow by negotiating supplier terms and adopting subscription-based revenue models.
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Scoop: CBN releases list of 108 IMTOs with commercial approval
The CBN has licensed 108 IMTOs, a significant increase from 15 in 2016. The renewed push by the CBN aims to boost dollar inflows into Nigeria.
