Notice of Acceptance of Applications for the Regulatory Incubation (RI) Program

28/04/2023

Please refer to the Securities and Exchange Commission (SEC) circular of June 2021 announcing its Regulatory Incubation (RI) program for FinTech firms operating or seeking to operate in the Nigerian Capital Market. This is to inform you that the portal for submitting applications is now ready to receive applications from Cohort 001/23, from 28/04/2023 to 26/05/2023. Cohorts will be announced at specific times.

A. Who can Apply

  1. Registered Capital Market Operators
  2. Unregistered Fintech innovators that require regulation
  3. Firms of all sizes
  4. 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:

  1. for application in the Nigeria Capital Market
  2. safe for investors
  3. a genuine innovation that introduces a new product/process to serve specific investor needs
  4. able to solves existing compliance or supervisory issues (optional)
  5. ready for testing

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:

  1. Crowdfunding
  2. Robo Advisory/Digital Investment Advisory
  3. 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.

 

Signed:

Management

April 28, 2023