Nigeria’s Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven fintech and digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP), marking another step in the country’s efforts to establish a regulated framework for the rapidly growing digital assets industry.
The companies admitted into the regulatory sandbox are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.
In a statement, the SEC clarified that the Approval-in-Principle does not constitute a full operating licence. Instead, it confirms that the firms have satisfied the admission requirements for participation in ARIP and may operate within the programme under strict regulatory oversight.
The commission said the approvals remain conditional on each firm’s continued compliance with regulatory, operational and supervisory requirements throughout the incubation period. Companies that fail to meet these obligations risk losing their provisional status.
ARIP is designed as a controlled regulatory environment that enables fintech companies and digital asset operators to test innovative products, services and business models under the SEC’s supervision before seeking full authorisation. The initiative covers Virtual Asset Service Providers (VASPs), tokenised investment platforms and other blockchain-based financial services.
The programme forms part of the SEC’s broader strategy to balance financial innovation with investor protection as digital asset adoption accelerates across Nigeria. By allowing firms to operate within a supervised framework, the regulator aims to assess emerging business models, strengthen market integrity and reduce risks associated with cryptocurrency and blockchain-based investments.
The latest approvals build on the commission’s earlier admission of Quidax and Busha into the incubation programme in August 2024. The expansion signals the regulator’s commitment to developing a transparent and rules-based digital asset ecosystem while providing greater regulatory certainty for market participants.
Nigeria remains one of Africa’s largest cryptocurrency markets, driven by high digital adoption, a youthful population and increasing demand for alternative payment and investment solutions. As activity in the sector continues to expand, regulatory oversight has become increasingly important to safeguard investors, promote responsible innovation and align Nigeria’s digital finance ecosystem with evolving global standards.
Industry observers say the continued expansion of the ARIP programme could encourage greater institutional participation, improve consumer confidence and position Nigeria as a leading hub for regulated digital asset innovation on the African continent.
