Nigeria's SEC admits seven fintech firms into regulatory sandbox under ARIP

Nigeria's Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven fintech and digital asset companies for admission into its Accelerated Regulatory Incubation Programme (ARIP), as the regulator steps up efforts to encourage financial innovation while strengthening investor protection.

In a public notice issued on Thursday, the SEC said the approvals underscore its commitment to promoting responsible innovation that supports the growth of Nigeria's capital market without undermining market integrity.

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.

According to the Commission, the Approval-in-Principle allows the firms to operate within the defined scope of the regulatory sandbox, subject to conditions set by the regulator.

The SEC stressed that the approval does not amount to a full operating licence but confirms that each company has met the admission requirements for participation in ARIP.

“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 provides a controlled regulatory environment designed to fast-track the onboarding of digital asset firms and other investment service providers, including Virtual Asset Service Providers (VASPs) and operators of tokenised investment platforms.

The initiative enables the SEC to assess emerging business models and financial technologies under regulatory supervision before they are introduced to the investing public.

According to the Commission, the programme is intended to ensure that appropriate safeguards are in place to protect investors while preserving the integrity of Nigeria's capital market.

The SEC reaffirmed its commitment to supporting innovation that improves efficiency, transparency, financial inclusion and sustainable growth within the country's capital market through initiatives such as ARIP.

It also advised members of the public to verify the regulatory status of individuals and organisations promoting investment products and services through its official channels before investing their money.