The Securities and Exchange Commission (SEC) has assured fintech and digital asset operators that it has no intention of stifling their businesses, pledging instead to create clear regulatory pathways while safeguarding market stability.
Speaking on Wednesday at the second Bi-Annual Regulator/FinTech Clinic in Abuja, SEC Director-General Emomotimi Agama said the commission is committed to strengthening the safety of Nigeria’s digital assets ecosystem through effective supervision.
“We want the digital platforms to enter the market through clear pathways,” Mr. Agama said. “We do not want to gag anyone, but we are open to listening to every complaint.”
He urged operators to comply with the Investments and Securities Act (ISA) 2025 and existing framework rules to build a stronger financial ecosystem.
Hurdles to licensing
Addressing registration delays, SEC Executive Commissioner for Operations, Bola Ajomale noted that the commission’s primary mandate remains managing systemic risk.
He identified unclear operational proposals, inadequate risk governance structures, insufficient capital, and weak compliance strategies as the main factors impeding smooth approvals for tech firms.
Ms Janet Joseph, Head of Virtual Assets and FinTech Supervision at the SEC, clarified that an Approval in Principle (AIP) serves as a controlled supervisory pathway rather than a full licence. She explained that the AIP stage allows regulators to verify technology controls, capital readiness, and investor protection safeguards before granting formal registration.
Highlighting capital adequacy, Abdulrazak Mohammed, Head of the SEC Inspectorate Division, stressed that minimum capital thresholds are designed to ensure operators hold genuine, resilient resources capable of absorbing market shocks.
Financial intelligence unit warns of investment fraud
Representing the Nigerian Financial Intelligence Unit (NFIU), Aminu Garba revealed that investment fraud accounts for half of all financial crime cases currently investigated by the agency.
He called on digital asset providers to strictly enforce anti-money laundering protocols, conduct robust customer due diligence, monitor cross-border flows, and report suspicious transactions.
Meanwhile, Stanley Jacob, President of the FinTech Association of Nigeria, encouraged the SEC to expand access to its regulatory incubation programme to foster peer learning and regulatory compliance.
Tightening oversight on digital assets
The clinic comes amid a broader regulatory overhaul of Nigeria’s digital finance sector.
In January 2026, the SEC raised minimum capital requirements across the capital markets, setting a ₦2 billion ($1.2m) threshold for digital asset exchanges and custodians. By July, the regulator had issued Approvals-in-Principle to seven cryptocurrency platforms under its Accelerated Regulatory Incubation Programme (ARIP).
Further rules proposed in August include a ₦30 million application fee for digital asset businesses, mandatory local incorporation, and the appointment of resident principal officers within Nigeria.
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