The 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). The approval allows the firms to operate within the commission’s regulatory sandbox as part of efforts to promote innovation while protecting investors.
The seven companies admitted into the programme 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 public notice, the SEC clarified that the Approval-in-Principle is not a full operating licence. “An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the programme. It is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the commission stated.
The ARIP is a controlled regulatory environment designed to accelerate the onboarding of digital asset and investment service providers, including Virtual Asset Service Providers (VASPs) and tokenised product platforms. The programme enables the SEC to evaluate emerging business models and technologies under regulatory supervision before they are offered to the investing public.
The latest approvals build on the SEC’s earlier inclusion of crypto exchanges Quidax and Busha in August 2024, signalling a continued push to establish a structured licensing pathway for digital asset service providers in Nigeria. The SEC reaffirmed its commitment to fostering responsible innovation that enhances efficiency, transparency, financial inclusion, and sustainable growth in Nigeria’s capital market.
