Nigeria Securities and Exchange Commission ( SEC) on Friday announced that it has opened the Regulatory Incubation portal for fintechs to submit applications from Cohort 001/23, from 28/04/2023 to 26/05/2023.
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According to SEC, the application is open to Registered Capital Market Operators,
Unregistered Fintech innovators that require regulation,Firms of all sizes,
Special interest in firms that want to enhance investor participation in the Nigeria Capital Market.
B. Eligibility Requirements for Application to participate in RI
If you want to apply to participate in the Regulatory Incubation Program, you must demonstrate that you meet our 5 eligibility criteria below:
Your innovation is:
For application in the Nigeria Capital Market
Safe for investors
A genuine innovation that introduces a new product/process to serve specific investor needs
Able to solves existing compliance or supervisory issues (optional)
Ready for testing.
Also Read: Nigeria Sets Up 14-man National Council to Implement the 2022 Startup Act for Fintech, Crypto and Others.
Please provide as much information as possible about how you meet these criteria when submitting your application.
If you’re not looking to test your proposition, you might want to apply for an engagement session here.
C. Please Note. If your model is any of the following, we already have regulations for them and you should not apply for
Regulatory Incubation:
Crowdfunding, Robo Advisory/Digital Investment Advisory
Sub-broker Serving Multiple brokers using a digital platform
For comprehensive guidance on how to apply for admission into the Regulatory Incubation Program, please click here.
