Important Notes for Regulatory Incubation Applications (Checklist)

A comprehensive checklist to guide fintech innovators through the SEC’s Regulatory Incubation application process—covering initial assessments, documentation requirements, financial evidence, business model schematics, implementation plans, risk management frameworks, and transition strategies—with clarity and confidence.

Before you submit your Regulatory Incubation Application Form to the Securities and Exchange Commission, make sure you have completed the FinTech Initial Assessment and assembled the following information and supporting documents:

FinTech Initial Assessment
Complete the FinTech Initial Assessment Form and discuss your proposal with the Commission. For specific questions or clarifications, contact innovation@sec.gov.ng.
Submission of Supporting Documentation
All required documents must accompany your completed application form. The Commission will request any additional information if needed.
Clarity and Completeness
The time taken for the Commission to review your application depends on how clear and complete your submission is.
Evidence to Have Ready:
1. Processing Fee of Two Hundred Thousand Naira (N200,000) (non-refundable)
2. Certified copies of all incorporation documents
3. Endorsed CVs of all Founders and key Management Personnel, with passport-sized photographs (300×300 px)
4. Passport-sized photograph (300×300 px) of the primary contact person Management account or statement of affairs prepared within one month of application, or equivalent financial position document
5. Procedure for holding and controlling client assets
6. Full schematic illustration of the proposed business model
7. Implementation Plan covering:
  1. Description of the business and the innovative FinTech product, service, or model, including technology deployed
  2. Objectives and parameters for the incubation period
  3. Implementation timeline and key deployment milestones
  4. Details of existing or target customers
  5. Risk Management Framework outlining key risk factors (e.g., insurance cover, AML/CFT, technology risks) and mitigation strategies
  6. How customers will be made aware of the risks
  7. Customer communications plan for the incubation period, including handling queries, feedback, and complaints
  8. Next steps (transition plan) at the end of the incubation period
  9. Clear exit plan detailing customer obligation fulfillment and wind-up procedures if discontinuation is required

Use these notes as your definitive guide to prepare a complete, clear, and compliant application. Once you’ve gathered everything, submit your Regulatory Incubation Application Form and supporting documentation to the SEC, and be ready to respond promptly to any follow-up requests.

Good luck with your fintech venture!