Section 34 Nigeria Startup Act

Section 34 Nigeria Startup Act 2022 is about Obtaining licences for a financial technology startup. It is under Part VIII (Collaboration with Regulators) of the Act.

(1) The Secretariat in conjunction with the CBN and SEC shall —
(a) designate a separate section on the Startup Portal to ease the licensing procedures for labelled startups that operate as financial technology companies (fintech startups) ; and
(b) ensure that fintech startups are given the opportunity to liaise with SEC and the CBN through interactive sessions moderated through the Startup Portal and other forums.

(2) The Council shall collaborate with SEC and the CBN in ensuring that fintech startups are duly notified before new rules and regulations that affect the establishment, licensing and operations of fintech startups are issued.

(3) The Council shall work with the CBN and SEC in harmonising rules and regulations that affect the establishment, licensing and operations of fintech startups.