One of our clients, Kippa, has successfully obtained the Super Agents Licence from the Central Bank of Nigeria (“CBN”) to undertake agency banking business and better service its over 500,000 registered merchants in the country.
Super-Agents are Fintech companies with the lowest capital requirement threshold (being N50 Million) in the payment ecosystem in Nigeria licensed by the CBN to undertake financial services on behalf of banks to unbanked communities or population in order to increase financial inclusion to those who would have been otherwise unable to benefit such financial services under formal banking system.
A Super-Agent company is required to be registered with the Corporate Affairs Commission (“CAC”), however, such registration cannot be completed unless with the approval of the CBN and subject to deposit of N50 Million in an escrow account with the CBN and submission of several other documentary requirements.
We are very proud of the entire Kippa team led by Kennedy Ekezie-Joseph and the role our lawyers at Koriat & Co. played in achieving this very important milestone in the trajectory of this fast-growing fintech company.
For more information on the requirements, costs, procedures and timeline for securing a super agents’ licence in Nigeria, click and read this: HOW TO SET UP A SUPER AGENT COMPANY IN NIGERIA
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