A recurring pattern in rejected or delayed license applications across CBN and SEC processes: the business plan’s financials do not withstand the regulator’s stress questions.
What reviewers actually test
Reviewers test capital adequacy under downside scenarios, the realism of transaction volume ramps, and whether operating costs reflect the compliance obligations the license itself imposes.
Build the model first
A capital structure model built before filing lets you answer these questions in the application rather than in a query letter — typically saving one full review cycle, which in Nigerian licensing terms is measured in months.