Further to the circular released on June 16, 2021, where the Securities Exchange Commission  (SEC) announced its intention to roll out a Regulatory Incubation (RI) program for FinTechs operating or seeking to operate in the Nigerian Capital Market, the SEC announced on April 28, 2023, the opening of the portal for the submission of applications from April 28 - May 26, 2023.

In response to the challenge of inconsistent government policies that have stemmed innovation, the SEC introduced the Regulatory Incubation (RI) program targeted at Capital Market Operators (CMOs) or intending CMOs, pursuant to Section 38 (2) of the Investment and Securities Act 2007 (the “Act”),empowers SEC to deepen the Nigerian Capital Markets through various methods. In exercising this power, SEC has developed the RI program.

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