Are You Ready to Launch a Fintech in Nigeria?

Question 1

What is the first step in starting a fintech company in Nigeria?

Accepted Answer

Understanding the financial problem

Answer

Developing the app

Answer

Registering with CAC

Answer

Obtaining a licence

Question 2

Which regulator oversees payments and banking services in Nigeria?

Accepted Answer

Central Bank of Nigeria

Answer

Securities and Exchange Commission

Answer

Federal Competition & Consumer Protection Commission

Answer

Nigeria Data Protection Commission

Question 3

What is a major mistake fintech founders often make?

Accepted Answer

Picking the wrong licence

Answer

Ignoring customer feedback

Answer

Spending too little on development

Answer

Hiring too many employees early

Question 4

What type of opportunities are growing in the fintech space in Nigeria?

Accepted Answer

Embedded finance

Answer

Consumer payment apps

Answer

Cryptocurrency trading

Answer

Telecom services

Question 5

Which commission regulates digital lending practices in Nigeria?

Accepted Answer

Federal Competition & Consumer Protection Commission

Answer

Nigeria Data Protection Commission

Answer

Central Bank of Nigeria

Answer

Securities and Exchange Commission