SEC Regulatory Incubation (RI) Program

Please Note the following before attempting to submit an application for any of the Regulatory Incubation Programs:

  1. First Complete the Initial Assessment Form and discuss the proposal with the Commission. (For specific questions/clarifications contact innovation@sec.gov.ng)
  2. The completeness and clarity of the information provided in the application will determine the time taken for the Commission to review your Regulatory Incubation Application.
  3. Have available and ready to make payment via the SEC ePortal:
    • Processing Fee of:
      • RI (Fifty Thousand Naira (N50,000)
      • ARIP (Two Hundred Thousand Naira (N200,000)
  4. Have available and ready to attach:
    • Certified copies of all incorporation documents
    • Duly endorsed Curriculum Vitae (CVs) for all Founders and/or key Management Personnel with photographs (Passport Sized: 300x300px)
    • Photograph of Contact Person (Passport Sized: 300x300px)
    • A Management Account or Statement of affairs prepared not later than one month from the date of application or a similar document showing evidence of financial position
    • Procedure for holding and controlling client assets
    • Full Schematic illustration of the proposed business model (Hand sketched is not acceptable)
    • Implementation Plan to cover the following areas:
      1. Clear description of the business and the proposed innovative FinTech product, service or business model including the type of technology deployed
      2. The objectives and parameters for the incubation period
      3. The implementation timeline and key milestones for deployment
      4. Details of existing/target customers.
      5. A Risk Management Framework, clearly stating key risks factor such as insurance cover, money laundering, terrorism financing and technology risks and how they will be controlled and mitigated.
      6. A description showing how customers will be made to be fully aware of the risks
      7. A description of how communications with customers will be handled before and during the incubation period including how queries, feedback and complaints will be dealt with
      8. A description of the next steps (transition plan) at the expiration of the incubation period and,
      9. A clear Exit Plan to include how obligations to customers will be fulfilled as well as how the business would be wound-up, in the event that the proposed financial service/product has to be discontinued.

 

<<Proceed to submit an Initial Assessment Form>>

 

For more details about the Commission’s regulatory innovation strategy, please visit FinPort (The SEC Innovation & FinTech Portal).