SEC Clears 7 Fintech Firms To Test Digital Finance, Crypto Products In Nigeria

The Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AiP) to seven fintech and digital asset companies to test innovative financial products and services under its Accelerated Regulatory Incubation Programme (ARIP), as the regulator steps up efforts to support responsible innovation in Nigeria's capital market.

The Commission disclosed the approvals in a public notice, explaining that the programme allows participating firms to operate within a controlled regulatory environment while remaining under SEC supervision.

According to the Commission, the initiative is designed to encourage technological innovation, strengthen investor protection and preserve the integrity and stability of Nigeria's capital market.

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

Blockvault Custodian Ltd

SEC said the Approval-in-Principle allows the firms to operate only within the scope of the incubation programme and under conditions prescribed by the Commission.

The regulator emphasised that the approval should not be interpreted as 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 Accelerated Regulatory Incubation Programme was established to fast-track the regulatory assessment of emerging financial technology businesses, particularly digital asset service providers and other innovative investment platforms.

It provides a supervised testing environment for new business models, including Virtual Asset Service Providers (VASPs), tokenised investment products and other technology-driven capital market solutions before they are fully introduced to the investing public.

According to the SEC, the framework enables the Commission to better understand new financial technologies while ensuring that adequate safeguards are in place to protect investors.

The latest approvals expand the number of fintech and digital asset firms participating in the Commission's innovation framework as Nigeria continues developing regulations for emerging segments of the financial market.

The Commission reiterated that it remains committed to supporting innovation capable of improving market efficiency, transparency, financial inclusion and sustainable growth without weakening regulatory standards.

It also advised members of the public to verify the regulatory status of any individual or organisation offering investment products or services before committing funds.

The SEC stressed that only authorised entities should be entrusted with investors' money, urging Nigerians to use the Commission's official channels to confirm the status of investment operators before making financial decisions.