Before applying for a fintech license, you must first register your company. Follow our step-by-step CAC registration guide here.

How to Start a Fintech Company in Nigeria (CBN License & Costs)

Fintech is one of the most regulated sectors in Nigeria. Before launching, you must understand CBN licensing, compliance, and capital requirements.

How Much Does It Cost to Start a Fintech Company in Nigeria?

Startup Cost Breakdown

Category	Cost
CAC Registration	₦50K – ₦200K
Development	₦500K – ₦5M+
Legal & Compliance	₦200K – ₦2M
Operations	₦500K+
Total:	₦1.5M – ₦10M+

Important: You cannot apply for a CBN license without a registered company structure. If you haven’t done this yet, start here.

CBN Fintech License Types

• Payment Solution Service Provider (PSSP)
• Mobile Money Operator (MMO)
• Switching License
• Payment Service Bank (PSB)

CBN License Fees in Nigeria

License	Fee
PSSP	₦1,000,000
MMO	₦2,000,000
Switching	₦10,000,000
PSB	₦5 Billion capital

Requirements for CBN Approval

• Business plan
• Capital requirements
• Compliance (AML/KYC)
• Technical infrastructure

Insider Tips (Very Important)

• Start with partnerships
• Use APIs from licensed providers
• Avoid rushing into licensing
• Focus on compliance early

Common Fintech Mistakes

• Applying for wrong license
• Ignoring regulations
• Underestimating cost

Need help with company registration first? See our complete CAC guide here.

Need Help With Fintech Setup?