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).

The move is aimed at promoting responsible innovation while strengthening 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 its supervision before they are fully introduced to the investing public.

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 is not a final operating licence but confirms that the companies have met the requirements for admission into the programme.

It added that the approvals remain subject to the firms’ continued compliance with all regulatory, operational and supervisory obligations throughout the incubation period.

SEC has also 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, impose stricter requirements on brokers and strengthen safeguards for investors participating in overseas markets.
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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 and hold foreign securities, including equities, bonds, exchange-traded funds and other financial instruments listed on overseas exchanges.

‎Under the proposed rules, a fee of 0.35 per cent would be payable on every purchase of a foreign security executed on behalf of a Nigerian investor through a broker registered by the Commission. Brokers would be required to calculate, deduct, collect and remit the fee to the SEC, while the charge would be separately disclosed on trade confirmations, account statements and other transaction records.