A regulatory compliance checklist for a new fintech company in Nigeria should include the following items:
- Obtain Central Bank of Nigeria (CBN) license: The CBN regulates all financial services providers in Nigeria and a license is required to operate in the country.
- Register with the Nigerian Deposit Insurance Corporation (NDIC): The NDIC provides insurance for depositors in case of bank failure and all financial institutions are required to register with them.
- Register with the Nigerian Inter-Bank Settlement System (NIBSS): NIBSS provides electronic payment and settlement services for financial institutions and all fintech companies are required to register with them.
- Adhere to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations: Fintech companies are subject to AML and CTF regulations and must implement appropriate measures to prevent and detect illegal activities.
- Comply with the Consumer Protection Framework (CPF): The CPF sets out the rights and protections of consumers and all fintech companies must comply with the framework.
- Maintain customer data privacy: Fintech companies must comply with data privacy regulations and protect the personal and financial information of their customers.
- Implement security measures: Fintech companies must implement appropriate security measures to protect customer data and prevent fraud and hacking.
- Maintain financial records: Fintech companies must maintain accurate financial records and submit periodic reports to the CBN.
- Adhere to Know-Your-Customer (KYC) requirements: Fintech companies must perform KYC checks to verify the identity of their customers and prevent illegal activities.
- Maintain insurance coverage: Fintech companies must maintain appropriate insurance coverage to protect their customers and the company from financial losses.
It is important for a new fintech company in Nigeria to be aware of these regulatory requirements and to implement appropriate measures to ensure compliance.