The emergence of fintechmania came with a lot of sensation and more than ever before Nigerians are expressing interest,making increasing enquiries at the local commercial law firms on what it takes to set up Digital banks in the country.The central Bank guidelines in this context for digital regulation and specific licensing regime yet to emerge but the prevailing initiative to work with available financial licenses share consensus across the board.The extant licences below will fill the gap:a.The use of microfinance bank licence.b.Payment service banks licence.It can accept deposits from clients but cannot issue loans.PSB licence can be obtained by established banking agents,telecom companies and available fintechs.Capital requirements to obtain licence is 5billion naira.c.Finance company licence.capital requirement:100m.naira.The receipt of licence by promoters is followed by CAC registration and promoters must ensure they have right contract in place to protect their business interest coupledwith properly