SEC Grants Seven Fintech Firms Temporary Approval to Operate
By Patience Ikpeme
Nigeria’s investment and capital market regulator has opened its doors to seven new digital financial firms, giving them temporary permission to test their technologies under close government monitoring.
The Securities and Exchange Commission (SEC) welcomed the tech companies into its special test system, called the Accelerated Regulatory Incubation Programme (ARIP). This setup allows the government to study new digital money ideas to make sure they are safe for ordinary citizens before they hit the wider public space.
The seven selected companies 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 an official notice from the capital market regulator in Abuja, these firms can now run their services within strict limits.
The SEC, however, warned that this starter nod is not a full or permanent operating license, but a temporary pass showing they met the initial rules.
“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. It is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the SEC stated.
The ARIP test zone was created to bring modern internet-based investment businesses, including cryptocurrency platforms and digital token firms, into the official financial system faster. By keeping a close eye on these companies, the SEC can spot and fix any hidden risks to protect the money of Nigerian investors.
The regulator noted that its main target is to build an investment market that is fast, transparent, and open to more citizens, without losing its safety and good reputation.
Rounding off the notice, the SEC cautioned everyday Nigerians to be careful with their finances. The commission advised everyone to check the SEC’s official websites or offices to confirm if any company or individual is properly registered before investing money with them.
