The Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven fintech and digital asset firms under its Accelerated Regulatory Incubation Programme (ARIP).
The admission allows the firms to operate within the SEC regulatory sandbox as the Commission steps up efforts to support innovation while protecting investors.
The approval, announced in a public notice issued on Thursday, allows the firms to operate within the programme under the conditions set by the Commission.
The SEC said the move reflects its commitment to promoting responsible innovation that strengthens Nigeria’s capital market without undermining market integrity.
The seven firms 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.
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The Commission explained that the approval is not a full operating licence but confirms that the firms have met the requirements for admission into 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 SEC said.
The ARIP is a controlled regulatory environment created by the Commission to fast-track the onboarding of digital asset and investment service providers, including Virtual Asset Service Providers and tokenised product platforms.
According to the SEC, the programme enables it to assess new business models and financial technologies under regulatory supervision before they are introduced to the investing public.
The Commission said the initiative is aimed at ensuring adequate safeguards are in place to protect investors while maintaining the integrity of Nigeria’s capital market.
The SEC also reaffirmed its commitment to supporting innovation that improves efficiency, transparency, financial inclusion and sustainable growth in the capital market through initiatives such as ARIP.
It advised members of the public to verify the regulatory status of individuals or organisations offering investment products or services through its official channels before investing their money.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X