21/07/2026
FINTECH COMPLIANCE CHECKLIST FOR LAGOS 2026.
For Founders, Investors & Operators
Investing in or launching a fintech in Lagos?
Nigeria's regulators are stricter in 2026.
This checklist is provided to avoid licensing delays, regulatory fines, and business shutdowns.
✅ SECTION 1
CORPORATE & CBN LICENSING
Central Bank of Nigeria (CBN) Requirements
☐ Company incorporated with CAC (Ltd or Plc)
• Object clause must include fintech activities.
☐ CBN licence identified
• PSP • Switch • MFB • IMTO
• You cannot operate or "test" without one.
☐ Minimum Share Capital Paid
• Meets CBN threshold for your licence category.
☐ Board & Management Approved
• Directors, CEO & Compliance Officer satisfy CBN Fit & Proper requirements.
☐ Physical Office in Nigeria
• Lagos, Abuja or Port Harcourt.
• Virtual offices are not accepted.
☐ Data Hosting • Customer data hosted in Nigeria in line with CBN guidelines.
☐ AML/CFT Compliance • Approved AML/CFT Policy • MLRO appointed • Transaction monitoring system operational.
✅ SECTION 2
SEC & DIGITAL ASSETS
Securities & Exchange Commission (SEC)
☐ SEC Registration for VASPs
☐ Investor Protection Framework
☐ Custody & Asset Protection
☐ Marketing Compliance
☐ Annual Returns filed with: • SEC • CAC
✅ SECTION 3
DATA PROTECTION & CONSUMER RIGHTS:
Nigeria Data Protection Commission (NDPC)
☐ NDPC Registration
☐ Privacy Policy Published
☐ Data Breach Protocol • Notify NDPC within 72 hours
☐ Data Processing Agreements (DPAs)
☐ Customer Consent Records
☐ FCCPC Compliance • Fair lending • Transparent fees • Dispute resolution mechanism
⚖️ Nomos Legal Practice
OPERATIONAL & LEGAL MUST-HAVES:
✅ SECTION 4
CONTRACTS & DOCUMENTATION
☐ User Terms & Conditions
☐ Shareholder Agreement
☐ Employment Contracts
☐ Vendor & Partner Agreements
☐ Deed of Assignment / Lease • Office title verified.
✅ SECTION 5
RISK & ONGOING COMPLIANCE
☐ KYC/KYB System
☐ Source of Funds checks (Transactions above ₦5 Million)
☐ Fraud Monitoring
☐ Internal Audit (Quarterly)
☐ Staff Training • AML • Data Protection • Customer Service
☐ Insurance • Cyber Risk • Professional Indemnity.
🚨 SECTION 6
RED FLAGS THAT GET FINTECHS SHUT DOWN
❌ Operating without a CBN licence
"Pilot mode" is not a defence.
❌ Mixing customer funds with company funds
❌ Hosting customer data outside Nigeria
❌ Weak KYC • Anonymous accounts • Fake BVN/NIN
❌ Ignoring NDPC requirements • Penalties of up to ₦10 Million or 2% of annual revenue.
✨ HOW NOMOS LEGAL PRACTICE CAN HELP
We prepare and review the legal documents fintech businesses need to launch, grow and remain compliant in Lagos, Abuja and Port Harcourt.
OUR SERVICES:
✔ CBN & SEC Licensing Advisory
✔ Corporate Documentation
✔ Data Protection Compliance (NDPC)
✔ Property & Office Setup
✔ Investor & Vendor Agreements
📞 BOOK A CONSULTATION
Nigeria: 0806-809-5282, 0805-101-9362
Email:
[email protected]
Website:
www.nomoslegalpractice.com
DISCLAIMER:
This checklist is provided for general information only and does not constitute legal advice. Every fintech business has unique legal and regulatory obligations. Please consult a qualified legal practitioner before making compliance or investment decisions.
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