Nigerian fintechs may soon need CBN approval for new products

The Central Bank of Nigeria (CBN) has released a regulatory sandbox framework for both new and existing fintech companies. With the proposal, new fintech products might have to be tested and approved before a full market launch. You can read more here https://techpoint.africa/2020/06/30/nigerian-fintech-regulatory-sandboxes/

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Any criteria to define what makes a product fintech?

I support this regulation. Just recently someone called my attention to the fact that there are just too many but weak fintech start up around. Regulation is very key if it won’t hurt the industry.

It’s totally a welcome development. Issues of finance if not properly regulated can affect our country’s economy. Sidebrief is however able to assist startups that require licenses or permits with processing.

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Most times, it kills more than it saves.