The Securities and Exchange Commission has assured fintech and digital asset operators that it is working to provide clearer regulatory pathways into Nigeria’s capital market, while insisting that innovation must be matched by strong governance, adequate capital and investor protection.
SEC Director-General, Dr Emomotimi Agama, gave the assurance in Abuja on Wednesday, October 7, 2026, during the Commission’s second Bi-Annual Regulator/FinTech Clinic, which focused on registration, capital and compliance pathways for fintech and digital asset operators.
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Agama said the Commission wanted digital platforms to enter the market through clearly defined routes and indicated that the regulator was prepared to engage with operators on concerns affecting their applications.
“We want the digital platforms to enter the market through clear pathways,” he said.
The position reflects the SEC’s broader attempt to balance technological innovation with market stability.
The Commission’s latest clinic was specifically designed to provide practical guidance on virtual asset service provider classification, registration, movement from regulatory incubation to full registration, capital requirements and continuing compliance.
SEC Executive Commissioner, Operations, Bola Ajomale, said some applications were being slowed by unclear business proposals, inadequate risk governance structures, insufficient capital and weak compliance plans.
He stressed that regulation was not intended to prevent fintech and digital asset businesses from operating, but to ensure that risks associated with their activities were properly managed.
The Commission has also clarified the limits of Approval-in-Principle, a distinction that is increasingly important as more digital asset businesses seek entry into the regulated market.
Janet Joseph, Divisional Head, Virtual Assets and FinTech Supervision at the SEC, explained that AIP is a controlled supervisory pathway rather than a final operating licence.
It allows the Commission to assess issues including governance, capital readiness, technology controls and investor protection before reaching a final registration decision.
The SEC’s Accelerated Regulatory Incubation Programme provides one of the main routes for this process.
In July, the Commission cleared seven new entities for admission into ARIP, including Bitbarter Technologies, Luno Fintech Nigeria, GetEquity, Koinkoin Global Network, Wrapped CBDC, Trovotech and Blockvault Custodian.
The SEC said their AIPs were conditional and did not amount to final licences.
In August, the regulator cleared three additional virtual asset service providers, Pisi Payments Solution, BC Access Nigeria and Yellow Card Financial, for admission into the programme.
The regulatory environment has also become more demanding financially. In January, the SEC revised minimum capital requirements for regulated capital market entities, saying the changes were designed to strengthen financial resilience, protect investors and ensure operators have sufficient capacity to meet their obligations.
The revised framework applies to fintech operators and virtual asset service providers among other regulated entities.
Dr Abdulrazak Mohammed, Head of the SEC’s Inspectorate Division, said the emphasis on capital was intended to ensure that operators entering the market had enough resources to absorb potential losses and remain sustainable.
The Commission’s approach therefore combines easier-to-understand entry routes with tougher expectations once businesses seek to operate within the regulated ecosystem.
That approach is also reflected in the SEC’s wider digital regulation strategy. Its FinPort framework describes ARIP as a focused sandbox for virtual asset service providers and other digital investment service providers, allowing the Commission to assess new business models and technologies while maintaining investor protection safeguards.
Beyond registration, regulators are also paying closer attention to financial crime risks.
The Nigerian Financial Intelligence Unit has urged digital asset operators to strengthen customer due diligence, monitor cross-border transactions, screen customers and report suspicious transactions.
The pressure for stronger compliance comes as Nigerian regulators continue to warn the public about unregistered investment platforms.
The SEC has advised investors to verify the registration status of platforms offering investment services before committing funds, particularly as unregistered schemes continue to appear across social media and other digital channels.
The FinTech Association of Nigeria has meanwhile called for greater participation in the SEC’s regulatory incubation programmes, with its president, Dr Stanley Jacob, urging more fintech companies to use the process to build regulatory knowledge and engage directly with the Commission.
For operators, the message from the latest clinic is therefore two-sided.
The SEC says it wants innovation and new digital business models to enter the Nigerian capital market, but the route to that market increasingly runs through demonstrable capital strength, effective governance, technology controls, compliance systems and investor protection.
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As Nigeria’s fintech and digital asset ecosystem expands, the effectiveness of the regulatory framework will depend not only on how clearly the rules are communicated, but also on how consistently they are applied while legitimate innovation is allowed to develop.
