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The Securities and Exchange Commission has granted Approval-in-Principle to seven fintech and digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP), allowing them to operate within the commission’s regulatory sandbox.
The move forms part of the commission’s broader strategy to promote innovation in Nigeria’s capital market while ensuring adequate investor protection through enhanced regulatory oversight.
In a public notice issued in Abuja, the SEC said the approvals underscore its commitment to creating a regulatory environment where emerging financial technology firms can develop innovative solutions under supervision without compromising the integrity of the capital market.
The 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.
According to the commission, the Approval-in-Principle permits these firms to operate strictly within the scope of the incubation programme and subject to specific regulatory conditions.
The SEC emphasised that the approval does not constitute a full operating licence, clarifying that it only confirms the firms have satisfied the entry requirements for participation in the programme.
“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 SEC explained that ARIP serves as a controlled testing environment where emerging fintech companies and digital investment platforms can validate their products, services, and business models under regulatory supervision before scaling to the broader market.
The programme covers digital asset operators, including Virtual Asset Service Providers and platforms offering tokenised investment products, enabling the commission to assess evolving technologies and identify potential risks before wider market adoption.
According to the regulator, the initiative is designed to balance innovation with investor protection by ensuring that adequate safeguards remain in place to sustain confidence in Nigeria’s investment ecosystem.
The commission added that it remains committed to supporting regulatory frameworks that improve efficiency, transparency, financial inclusion, and sustainable growth across the capital market while encouraging responsible innovation.
The SEC also advised Nigerians to verify the regulatory status of individuals and organisations offering investment opportunities before committing funds, urging prospective investors to use official verification channels to avoid fraudulent schemes and unauthorised operators.
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