The Nigerian Securities and Exchange Commission has accepted seven fintech companies into its accelerated regulatory incubation program as part of steps to include digital asset companies in the official regulatory framework. Five crypto companies were included in this group.
Companies entering the program and scope of approval
Crypto companies accepted to the program are Bitbarter Technologies, Luno Fintech Nigeria, Koinkoin Global Network, Wrapped CBDC and Blockvault Custodian. GetEquity and Trovotech, which operate in the field of digital investment services, were also included in the same list. Nigerian SEC operates as the regulatory body that oversees the country’s capital markets.
Each of the companies was given in-principle approval. This status allows institutions to operate under the supervision of the SEC and within a predetermined field of activity. However, this approval does not mean a full license. For final authorization, all regulatory, operational and audit requirements must be met.
Policy approval does not provide full license to companies; The SEC may terminate program participation at any stage if the specified conditions are not complied with.
The application process proceeds in two stages
The admission process to the program does not consist of a simple direct application. In the first stage, a preliminary evaluation is made. After this, the official application process begins. At this stage, companies are required to submit a sworn undertaking, detailed activity plan, Nigerian Financial Intelligence Unit registration and documents showing the corporate governance structure.
The SEC can review each application and decide whether to postpone or reject it. When the program period is completed, the Commission may decide to grant full registration, update the rules in line with observations, or prevent the relevant company from operating in Nigeria.
At the end of the program, the commission may grant full registration, review the rules, or completely stop the company from operating in the Nigerian market.
The difference between regulated and unregulated space persists
Although the latest admissions have increased the number of companies operating under SEC oversight, the gap between regulated and unregulated crypto activities in Nigeria remains striking. It is stated that at least 30 startups are active in the country, from stock exchanges to wallet services, from remittance platforms to payment providers. A significant portion of these companies are waiting for clarity in the licensing process or aiming to be accepted into the program.
Failure to include more companies in the regulatory pool makes it more difficult to verify tax liabilities and audit compliance. This issue has become more visible with the implementation of Nigerian crypto tax rules that come into force in January 2026. While the last seven admissions have narrowed this gap somewhat, much of crypto activity still operates outside the SEC’s direct official oversight.
SEC seeks to increase oversight capacity
Nigerian SEC is also taking different steps to supervise the rapidly growing crypto market. The institution held a webinar with blockchain analysis company Chainalysis to combat fraud and strengthen investor protection. Chainalysis is known as an analysis company working in the field of transaction monitoring and risk analysis on the blockchain.
