The Securities and Exchange Commission (SEC) has announced the imminent roll-out of the SEC Regulatory Incubation (RI) program for FinTechs operating or seeking to operate in the Nigerian Capital Market.
According to the statement released by the SEC, the RI Program will be launched in the third quarter of 2021 and will operate by admitting identified Fintech business models and processes in cohorts for a one-year period.
Startups seeking to undertake the RI program should be businesses leveraging innovative technology to offer a new type of product or service, or applying innovative fintech to an existing product or service.
The startup’s operations must lie within the scope of the activities that the SEC regulates. Participating startups also cannot conduct any other investment business except that which is presented to the commission. Applicants are required to complete the RI fintech initial assessment form.
The RI program also comes with a mandatory N200,000 processing fee requirement, but this does not determine whether the application will be successful.
