The Securities and Exchange Commission (SEC) Nigeria has granted Approval-in-Principle (AIP) to seven new fintech and digital asset firms for admission into its Accelerated Regulatory Incubation Programme (ARIP).
The latest initiative of the commission is in furtherance of its regulatory measures to ensure that adequate safeguards are in place to protect investors while preserving the integrity of nation’s capital market.
The seven firms admitted into the ARIP are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.
By the approval, the affected firms, having satisfied the admission requirements for ARIP, can now operate within the programme’s regulatory sandbox as part of efforts to promote innovation while protecting investors subject to the conditions stipulated by the commission.
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The Commission, in a public notice on the regulatory decision, stated that it was taken to reinforce its commitment to fostering responsible innovation that deepens Nigeria’s capital market without compromising market integrity.
The SEC clarified: “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 ARIP is a controlled regulatory environment established by the SEC to accelerate the onboarding of digital asset and other investment service providers, including Virtual Asset Service Providers (VASPs) and tokenised product platforms.
It enables the commission to evaluate emerging business models and financial technologies under regulatory supervision before they are offered to the investing public.
The SEC reiterated its commitment to supporting innovation that enhances efficiency, transparency, financial inclusion and sustainable growth in the capital market through initiatives such as ARIP.
To avoid dealing with unregistered entities, the commission advised members of the public to verify the regulatory status of individuals or organisations promoting investment products or services through its official channels before committing funds.
