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In Nigeria’s increasingly scrutinized and regulated fintech landscape, having a license is no longer enough; it is about understanding what that license permits.
Nigeria
Technology
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Introduction
In Nigeria’s increasingly scrutinized and regulated fintech
landscape, having a license is no longer enough; it is about
understanding what that license permits.
Earlier this year, Paystack reportedly paid a N250 million fine
for allegedly offering services via its Zap product outside the
scope of its CBN license. That’s not just a compliance slip, it
is a strategic setback. Fines like this rattle investor confidence,
delay product timelines, and, in some cases, trigger deeper
regulatory scrutiny.
Yet, many early-stage founders treat licensing as a bureaucratic
box to check, rather than a strategic lens through which to shape
their product, pricing, and partnership choices. That’s a risky
blind spot.
This Tech Brief distills the key fintech license categories in
Nigeria, what they allow, what they restrict, and what founders
often get wrong. It’s not a substitute for legal advice, but it
is a good starting point for building with regulatory
intention.
Payment Solution Services Licence (PSS) and Switching
& Processing License Categories
The fees and minimum financial requirements quoted in the
table are subject to review by the CBN.
Other Key License Categories
The fees and minimum financial requirements quoted in the
table are subject to review by the CBN.
Conclusion
This Tech Brief is designed to serve as a tactical reference,
especially for founders navigating licensing decisions while
building and fundraising. You can download a copy here for easy
reference.
If you are unsure whether your roadmap aligns with your license,
now is the time for a regulatory audit. The cost of a wrong
assumption is higher than ever.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
