The platform, owned by ByteDance, has applied to Brazil’s central bank for two licences that would allow it to operate as a payments and lending company. The people told Reuters the plans are confidential and asked not to be named.

One of the licences would permit TikTok to act as an electronic money issuer. That would allow users to hold balances, receive funds and make payments within the app.

The second would enable it to operate as a direct credit company, meaning it could lend its own funds or connect borrowers with lenders, but not take deposits.

If regulators approve the applications, TikTok could begin offering basic financial services in one of the world’s most active digital banking markets.

Brazil has seen strong growth in fintech, with firms such as Nubank, Banco Inter, PicPayand Mercado Pago competing for users across payments and lending.

TikTok has not responded to requests for comment. Brazil’s central bank also declined to comment.

Still, there are signs the company is moving ahead with its plans. Executives from ByteDance, including payments head Liao Baohua, met central bank governor Gabriel Galipolo in Brasília in March 2026, according to his public schedule.

It is not yet clear whether TikTok intends to roll out a full set of financial products or focus on supporting transactions tied to content and e-commerce on its platform.

The company has taken similar steps elsewhere. In China, ByteDance launched its own payment service in 2021 to support shopping within its apps, competing with established platforms like Alipay and WeChat Pay.

In Indonesia, it pursued a payments licence in 2023 but was later blocked from handling transactions directly, forcing it to work with local partners.

Brazil has one of the highest rates of social media use globally, and TikTok already has a vast audience there, easing its new focus if the payments licence is approved.

By late 2025, the platform had about 131 million adult users in the country, with advertising reaching 80% of that population, according to DataReportal.

The company has also shown a long-term commitment to the market. It said last year it would invest more than 200 billion reais, or about $38.4 billion, in a data centre in Brazil.

Regulators have encouraged competition in financial services but still keep a close watch on new entrants, especially foreign firms handling payments and user data.

Nigerian fintech startup, Kredete, has officially launched its lending platform to deepen accessibility to formal credit, financial education, and innovative financial solutions.

The launch event, which took place on the 16th of April 2023, at the Civic Centre, Victoria Island, hosted tech specialists and entrepreneurs, who convened to discuss the future of lending in Africa and Kredete’s commitment to bridging the significant credit gap and financial exclusion faced by Nigerians who lack access to formal credit through traditional means.

Kredete aims to revolutionize the sphere of lending in Nigeria and beyond by leveraging AI-driven technology and strategic partnerships with financial institutions to create a complete lending infrastructure that enables lenders to be more efficient and cost-effective while empowering users to access credit products suited to their needs.

With AI, the pre-approval odds for users enhance by providing tailored loan options based on their credit history and financial profile, while for lenders, it becomes easier to assess risks, reduce non-performing loans, and make informed lending decisions.

Kredete is also passionate about strengthening financial literacy in Nigeria and will achieve this by offering free credit scores, reports, and monitoring tools to help users understand their credit standing and make informed financial decisions.

These financial literacy tools prove mutually beneficial for lenders to help streamline their operations and provide loans to creditworthy borrowers, thereby fostering a healthier lending ecosystem. The app can be downloaded here from Google Play Store and the Apple App Store.

Adeola Adedewe, Founder and CEO, Kredete said: “Kredete was founded out of my personal experience trying to secure a loan to start a business, and the difficulties experienced inspired me to help Nigerians access loans. Thus, we embarked on a mission to bridge Nigeria’s $360B credit gap and foster financial inclusion for the 82% of Nigerians who lack access to formal credit. We are deeply motivated by the importance of access to credit in any country – from empowering SMEs to spurring economic growth. So, we have positioned Kredete to leverage AI-driven technology to facilitate loans for Nigerian entrepreneurs that are faster and simpler to help their businesses scale.”

“While analysing the digital lending outlook in Nigeria, we identified that one of the limitations to accessing lending opportunities is the difficulty in determining creditworthiness. Therefore, we have included free credit scores, reports, and monitoring to empower users to obtain credit products that meet their specific needs while equipping lenders with insights to make effective lending decisions. This way, we will modernize Nigeria’s lending industry, provide a competitive edge, and set new standards for loan origination, risk assessment, and approval processes. He added.”

In only a few months since Kredete’s establishment, the company has formed strategic partnerships with 25+ financial institutions, including the largest African-based credit bureau, CRC Credit Bureau, and secured funding from prominent investors, including being backed by Techstars, a renowned startup accelerator powered by J.P. Morgan.

In its beta phase, the platform attracted over 70,000 users, demonstrating the strong demand for its services, and signifying the high demand for credit access in Nigeria. 

Alongside its founder, Kredete is led by Hakeem Oriola, Chief Technical Officer, Feyisetan Sowunmi, Head of Customer Experience, and Ebuka Arinze, Head of Product. Kredete envisions a future where financial access, opportunities, and literacy are equitable for all Nigerians, regardless of their socioeconomic background or credit history. While the Company’s immediate focus is on the Nigerian market, it aims to scale its platform and lending infrastructure across Africa to bridge the gap within the continent’s unbanked/underbanked populations. 

Interested in becoming a lending partner with Kredete?

Request a demo here.

With every industry guided by regulations that keep stakeholders in check, the Fintech industry inclusive, how can fintech enterprises not only ensure compliance but also thrive in the face of regulatory challenges?

With many laws and regulatory policies on data protection and privacy, fintechs need to place top priority on how they leverage business intelligence.

From areas of banking/open banking, insurtech, blockchain, cryptocurrency, contracting, and lending, fintechs are laden with many regulatory challenges because people care about their money and how their personal data are used.

This article delves into the regulatory challenges faced by fintech firms regarding Business Intelligence and outlines strategic steps to navigate through them successfully.

Defining Regulatory Challenges with Business Intelligence

The fintech industry operates within a highly regulated environment due to the sensitivity of financial data and the potential risks associated with innovative financial services.

Compliance with regulations such as Anti-Money Laundering (AML), Know Your Customer (KYC), General Data Protection Regulation (GDPR), and others is non-negotiable.

Understanding regulatory standards is the first step in developing an effective Business Intelligence strategy.

Regulatory challenges within the fintech sector are multifaceted, encompassing a myriad of laws, guidelines, and compliance requirements. The key regulatory challenges can be broadly categorized into:

1. Data Privacy and Security Compliance: Fintech companies handle vast amounts of sensitive financial data, subject to stringent data protection regulations such as GDPR, CCPA, SOC, or regional equivalents. Business Intelligence tools need to ensure robust encryption, access controls, and audit trails to comply with these laws. Consumer financial information protection is a core component of FinTech Regulatory bodies concerned with data privacy can sanction companies for not following proper risk management and meeting standards around customer data.

2. Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations: Fintech firms must implement Business Intelligence solutions that facilitate comprehensive customer due diligence and transaction monitoring to adhere to AML and KYC These tools need to provide real-time insights to detect and prevent suspicious activities effectively.

Governments take money laundering seriously.

They recognize that FinTech technology could be used to avoid duties. As such, each territory has its anti-money laundering laws which must be adhered to.

3. Financial Reporting Compliance: Regulatory bodies demand accurate and timely financial reporting. Business Intelligence systems need to streamline financial data collection, analysis, and reporting processes to ensure compliance with regulations like IFRS or

4. Cyberattack protection policy: Traditional banks and FinTech startups are big targets for hackers and other cybercriminal activities. There are financial laws designed to combat

Data breaches and lack of adherence to these regulations have caused many companies, big global companies inclusive, huge problems and lawsuits.

Steps to Navigate Regulatory Challenges

1. Conduct a Comprehensive Regulatory Assessment

Begin by conducting a thorough assessment of the regulatory standards applicable to your fintech business. Understand the specific requirements and nuances of each regulation that impacts your operations.

2. Invest in Robust Business Intelligence Solutions

Choose Business Intelligence tools that are designed with compliance in mind. Look for solutions that offer encryption, access controls, and audit capabilities to ensure data security and integrity.

3. Implement Data Governance Frameworks

Establish robust data governance frameworks to ensure the quality, accuracy, and integrity of the data used by Business Intelligence systems. This involves defining data ownership, implementing data quality controls, and maintaining a transparent data lineage.

4. Continuous Monitoring and Reporting

Implement real-time monitoring capabilities within Business Intelligence systems to promptly detect and address compliance issues. Generate automated reports that provide stakeholders and regulatory authorities with the necessary insights in a timely manner.

5. Stay Informed and Adapt

Regularly update your knowledge on evolving regulations in the fintech sector. Ensure your Business Intelligence systems are flexible enough to adapt to changes, and update them promptly to align with new compliance requirements.

6. Collaborate with Regulatory Bodies

Foster open communication with regulatory bodies to stay informed about upcoming changes and seek guidance.

Proactive collaboration can lead to a better understanding of regulatory expectations and may even result in more favorable compliance conditions.

Navigating regulatory challenges with Business Intelligence in the fintech industry requires a strategic and proactive approach.

By understanding the regulatory standards, investing in robust Business Intelligence solutions, and implementing effective governance frameworks, fintech companies would not only meet compliance requirements but also leverage Business Intelligence to drive innovation and growth.

Seeing as the world gradually anticipates the ‘next normal’ following the COVID-19 pandemic, it is important to have a critical look at the global fintech landscape and draw insights on its possible trajectory in 2022.

Is the global fintech space on track to achieve that valuation? Are African fintechs pulling the needed weight to command a huge chunk of the $324 billion mark? How can the Nigerian fintech ecosystem leverage the trends and data to achieve encompassing growth?

On the 10th of February 2022, the Fintech Association of Nigeria (FintechNGR), would be hosting the Fintech Outlook 2022, an annual intellectual webinar that attempts to take a 360 overview of the global fintech space, what it portends globally and how Nigeria and Africa as a whole are drawing on requisite insights to leapfrog the industry.

In addition to key industry presentations, the webinar would unearth and discuss trends, and forecasts across fintech verticals; lending, payment, mobile money, banking, infrastructure, regulation, partnerships, skillsets, wealthtech, insurtech, cybersecurity, data privacy, open banking, decentralized finance and other areas.

Amidst other considerations, it would also delve into the threats, opportunities, success factors, major drivers, key technology that can significantly shift the industry trajectory in 2022.

The speakers joining us for the Fintech Outlook 2022 includes Ade Bajomo, President FintechNGR, Mitchell Elegbe, CEO, Interswitch Nigeria, Premier Oiwoh, CEO, NIBSS, Odunayo Eweniyi, CEO, Piggyvest, Daniel Awe, Head, Africa Fintech Foundry, Yinka Edu, Partner, UUBO, Dr David Isiavwe, President, ISSAN-Nigeria and Nkebet Mesele, Senior Director (Sub-Saharan Africa), VISA.

Participation

To participate during the webinar you are required to pre-register through the link HERE.

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Also happening at the Fintech Outlook 2022 is the launch of its Startup Marketplace, an innovative platform by FintechNGR that provides startups playing in the fintech ecosystem access to free and heavily discounted services in funding, legal, infrastructure, cybersecurity, data privacy, business development, and a variety of other areas, to accelerate their growth.

Fintech Association of Nigeria (FintechNGR), the pioneer national fintech association in Africa and founding member of Africa Fintech Network (A Network of thirty-four (34) National Fintech Associations in Africa), member Global Fintech Hub Federation has been at the fore-front, connecting stakeholders, accelerating fintech growth and impact, promoting and advocating for conducive environment for fintech to thrive and adoption of emerging technologies.

For enquiries or partnerships, send a mail to exec.sec@fintechng.org or call +234 903 000 3013 or visit the website.