SEC Admits Seven Fintech, Digital Asset Firms into Regulatory Sandbox with Approval-in-Principle
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), reinforcing its commitment to promoting responsible financial innovation while safeguarding investors and maintaining the integrity of Nigeria’s capital market.
The Commission announced the development in a public notice issued on Thursday, stating that the admission of the firms into its regulatory sandbox forms part of ongoing efforts to support emerging financial technologies within a controlled and supervised environment.
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 SEC, the Approval-in-Principle authorises the companies to operate within the defined scope of the Accelerated Regulatory Incubation Programme, subject to strict regulatory conditions and continuous oversight by the Commission.
The regulator, however, stressed that the approval should not be interpreted as a final operating licence.
It explained that the Approval-in-Principle merely confirms that each company has successfully met the admission requirements for participation in the programme and remains subject to ongoing compliance with all applicable operational, regulatory and supervisory obligations.
The Commission stated: “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 Accelerated Regulatory Incubation Programme was established by the SEC as a controlled regulatory environment designed to fast-track the onboarding of digital asset operators and other investment service providers, including Virtual Asset Service Providers (VASPs) and platforms offering tokenised investment products.
Through the initiative, the Commission is able to assess innovative business models, financial technologies and digital investment solutions under close regulatory supervision before they are introduced to the wider investing public.
The SEC noted that the programme provides an opportunity to evaluate new technologies and products while ensuring that appropriate safeguards are implemented to protect investors and preserve confidence in Nigeria’s capital market.
The Commission said the initiative reflects its broader strategy of balancing technological innovation with effective regulation, enabling the financial ecosystem to evolve without exposing investors to unnecessary risks.
It reaffirmed its commitment to encouraging innovations that improve efficiency, transparency, financial inclusion and sustainable growth across Nigeria’s capital market through initiatives such as the Accelerated Regulatory Incubation Programme.
As part of its investor protection mandate, the SEC also advised members of the public to verify the regulatory status of individuals, companies and organisations promoting investment products or services through the Commission’s official channels before investing their funds.
The latest approvals underscore the SEC’s determination to position Nigeria’s capital market as an innovation-friendly ecosystem while ensuring that emerging fintech and digital asset businesses operate within a robust regulatory framework that protects investors and strengthens market confidence.
