Yemisi Izuora
The Securities and Exchange Commission (SEC), said it has formally cleared seven new fintech and digital asset firms for admission into its Accelerated Regulatory Incubation Programme (ARIP).
This implies that they have been granted Approval-in-Principle (AIP) to operate within the programme’s regulatory sandbox as part of efforts to promote innovation while protecting investors.
The Commission, in a public notice issued on Thursday, said the move reinforces its commitment to fostering responsible innovation that deepens Nigeria’s capital market without compromising market integrity.
The seven firms set for admission 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 permits the firms to operate within the defined scope of the programme, subject to conditions stipulated by the Commission.
It clarified that the approval is not a final operating licence but confirms that each entity has satisfied the admission requirements for 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 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.
The programme enables the Commission to evaluate emerging business models and financial technologies under regulatory supervision before they are offered to the investing public.
According to the Commission, the initiative is designed to ensure that adequate safeguards are in place to protect investors while preserving the integrity of Nigeria’s capital market.
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.
It also urged 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.