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), as part of efforts to promote responsible innovation and strengthen investor protection in Nigeria’s capital market.
The commission said the approvals would allow the firms to operate within its regulatory sandbox, where their products, services and business models will be tested under regulatory supervision before being fully introduced to the investing public.
The 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 but confirms that the companies have met the requirements for admission into the incubation programme.
The commission added that the approvals remain subject to the firms’ continued compliance with all regulatory, operational and supervisory obligations throughout the incubation period.
Meanwhile, the SEC has proposed a new regulatory framework for cross-border securities trading that would introduce a 0.35 per cent fee on foreign securities purchases by Nigerian investors, while imposing stricter requirements on brokers and enhancing investor protection.
The proposal is contained in an exposure draft titled Proposed Rules on Cross-Border Securities Trading and Custody, which seeks to establish a formal framework governing how Nigerian investors access, trade and hold foreign securities, including equities, bonds, exchange-traded funds and other financial instruments listed on overseas exchanges.
Under the proposed rules, a 0.35 per cent fee would apply to every purchase of a foreign security executed on behalf of a Nigerian investor through a broker registered by the commission.
The SEC said registered brokers would be responsible for calculating, deducting, collecting and remitting the fee, which must also be disclosed separately on trade confirmations, account statements and other transaction records.
