The portal launches on April 28, 2023, and close on May 26, 2023, according to a recently published circular from the commission.

Applicants should be registered capital market operators or unregistered fintech innovators who require regulation, according to the SEC.

The decision to launch a portal, according to SEC, was made in response to a 2021 circular in which it announced the impending roll-out of the RI program for fintech already operating in or attempting to operate in the Nigerian capital market.

“Please refer to the Securities and Exchange Commission (SEC) circular of June 2021 announcing its regulatory incubation (RI) program for fintech firms operating or seeking to operate in the Nigerian capital market,” the circular reads.

“This is to inform you that the portal for submitting applications is now ready to receive applications from cohort 001/23, from 28/04/2023 to 26/05/2023. Cohorts will be announced at specific times.”

The circular identified suitable applicants to be “registered capital market operators, unregistered fintech innovators that require regulation, firms of all sizes, and firms that want to enhance investor participation in the Nigerian capital market”.

The commission noted that companies that are interested in applying and participating in the RI program must demonstrate they meet the five eligibility criteria.

According to the organization, applicants must show that their innovation is for application in the Nigeria capital market, safe for investors, introduces a new product/process to serve specific investor needs, able to solve existing compliance or supervisory issues (optional), and ready for testing.

“Please provide as much information as possible about how you meet these criteria when submitting your application. If you are looking to test your proposition, you may apply for an engagement session,” SEC said.

The commission further revealed that fintech in the areas of crowdfunding, robo advisory/digital investment advisory, and sub-broker serving multiple brokers using a digital platform, are urged not to apply, citing that there are existing “regulations for them”.

“The regulatory incubation (RI) program is designed to address the needs of new business models and processes that require regulatory authorization to continue carrying out full or ancillary technology-driven capital market activities,” the commission said.

The programme, which is organised through the partnership of the Financial Centre for Sustainability, Lagos and the Nigeria Climate Innovation Center (NCIC), is sponsored by IHS, one of the largest independent owners, operators and developers of shared communication infrastructure in the world and FMDQ Group Africa’s foremost vertically integrated financial market infrastructure group.

The partners/sponsors are excited to announce the second edition of this epochal event coming on the heels of the awards received at the SERAs Awards in December 2022.

At the event, IHS (Nigeria) Limited won multiple awards for its contributions to sustainability. In particular, it emerged along with FMDQ Group among the top six companies in Africa for Best Company in Water & Sanitation.

This year’s WASH Innovation Fair event is the second in the series, with the first WASH Innovation Fair held on November 22, 2021, and is themed Innovating for Sustainable Growth in WASH Sector.

As in the first edition, the focus is on identifying SMEs with innovative ideas in the WASH Sector.

However, IHS (Nigeria) Limited and its partners will be supporting the top five (5) SMEs with technical, commercial and business advice to enable them to take their innovative ideas from initiation to market entry. At the end of the Incubation Programme, the five (5) winners will receive a cash prize of N3.5 million each.

The process involves a Call for Entry for a Hackathon that will culminate in selecting the top five (5) winners with the smartest and most practical ideas fit for implementation.

Overall, the event aims to contribute to the drive by the Federal Government of Nigeria to end open defecation by 2025 and to make clean water and sanitation readily available to all Nigerians in line with Goal 6 of the UN’s Sustainable Development Goals. Other attractions during the 2023 event, which commenced March 3, 2023, includes a Roundtable Session, which will hold on April 27, 2023 and a four (4) months incubation programme to assist the winners in implementing their winning ideas.

At the roundtable session, subject matter experts, key industry players, development partners and C-suite executives and local/international financing partners will deliberate on the vexing issues limiting the growth of the sector and key strategies for exploiting the estimated $21 billion opportunities identified last year at the World Toilet Summit by stakeholders

“We are thrilled to be partnering with NCIC and IHS (Nigeria) Limited once again to support the fight against open defecation and improve access to clean water and sanitation facilities,” said Mr Emmanuel Etaderhi, Executive Secretary, FC4S Lagos.

“The WASH Innovation Fair is a unique opportunity to drive innovation and create positive change in the water sector while promoting handwashing habits. Sectors experience progressive growths when innovation is allowed to thrive. We are thrilled that the project aims to scale the innovative ideas in the WASH sector just like we have been doing at NCIC for other cleantech sectors.” Oluwatosin Ajide, Programs Manager, Nigeria Climate Innovation Centre.

IHS Towers is one of the largest independent owners, operators, and developers of shared communications infrastructure in the world, and sustainability is at the heart of IHS’ business.

The company aims to positively impact the communities and the people where it operates, focusing on its four pillars of ethics and governance, environment and climate change, people and communities, and education and economic growth.

It is a major sponsor of the FC4S/NCIC WASH Innovation Fair and Behavioral Change Campaigns.

Don’t miss out on this exciting opportunity to join the fight against open defecation and promote innovation in Nigeria!