Nigeria's SEC Admits Seven Fintech Firms into Regulatory Sandbox
Nigeria's Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven fintech and digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP). The approvals allow the companies to operate within the SEC's regulatory sandbox. There, the commission will test their products, services and business models under regulatory supervision before they enter the wider
Nigeria's SEC Admits Seven Fintech Firms into Regulatory Sandbox
Nigeria’s Securities and Exchange Commission (SEC) has granted Approval-in-Principle (AIP) to seven fintech and digital asset companies under its Accelerated Regulatory Incubation Programme (ARIP).
The approvals allow the companies to operate within the SEC’s regulatory sandbox. There, the commission will test their products, services and business models under regulatory supervision before they enter the wider market.
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.
According to the SEC, the Approval in Principle does not constitute a final operating licence. Instead, it confirms that the companies have met the requirements for admission into the incubation programme. The commission said the firms must continue complying with all regulatory, operational and supervisory requirements throughout the incubation period.
SEC Proposes New Rules for Cross-Border Trading
Alongside the approvals, the SEC has proposed a new regulatory framework for cross-border securities trading. The proposal would introduce a 0.35% fee on foreign securities purchased by Nigerian investors through SEC-registered brokers.
The proposal appears in an exposure draft titled Proposed Rules on Cross-Border Securities Trading and Custody. It outlines a formal framework for how Nigerian investors access, trade and hold foreign securities, including equities, bonds, exchange-traded funds (ETFs) and other financial instruments listed on overseas exchanges.
Under the proposed rules, registered brokers would calculate, deduct, collect and remit the 0.35% fee to the SEC for each qualifying transaction. Brokers would also disclose the fee separately on trade confirmations, account statements and other transaction records. The commission also said the proposed framework aims to strengthen investor protection while introducing clearer regulatory standards for cross-border investment activity.
