The Securities and Exchange Commission (SEC) of Nigeria has admitted 7 firms into its Accelerated Regulatory Incubation Program (ARIP), expanding the number of digital-asset companies operating under Nigeria’s regulatory sandbox.
The 7 firms granted Approval‑in‑Principle (AIP) include:-
- Bitbarter Technologies Ltd,
- Luno Fintech Nigeria Ltd,
- GetEquity Ltd,
- Koinkoin Global Network Ltd,
- Wrapped CBDC Ltd,
- Trovotech Ltd,
- Blockvault Custodian Ltd.
The firms may operate within the ARIP’s defined scope but must meet ongoing regulatory and supervisory conditions; although the AIP is not a final license.
SEC said the approvals show each firm met the program’s admission requirements and reflect the regulator’s aim to promote responsible innovation while protecting investors and market integrity. Luno described the AIP as an important milestone following extensive engagement with the SEC, saying it gives clearer regulatory direction as it expands in Nigeria and plans to grow institutional and B2B offerings (including stablecoin, treasury, and crypto-as-a-service products).
This latest cohort follows earlier AIPs awarded to Quidax and Busha in August 2024, and continues the commission’s effort to formalize oversight of virtual asset service providers through its ARIP sandbox, which fast-tracks onboarding, allows supervised testing of business models and technology, and precedes full registration.
SEC further noted that more applications remain under review and that final licenses will be issued case‑by‑case as firms satisfy requirements. Nigeria continues to be a major crypto market in Africa despite past regulatory uncertainty.
