The Securities and Exchange Commission (SEC) has assured fintech and digital asset firms of clearer regulatory pathways, saying it is focused on strengthening market stability without stifling innovation in the sector.
SEC Director-General, Dr Emomotimi Agama, disclosed this on Wednesday in Abuja at the second Bi-Annual Regulator/FinTech Clinic organised by the Commission.
Agama said the SEC was committed to creating an environment where fintech and digital asset operators can enter and operate in the market while complying with applicable regulations.
“We want the digital platforms to enter the market through clear pathways,” he said, adding that the Commission was open to addressing concerns from operators.
He urged fintech and digital asset firms to comply with the Investments and Securities Act (ISA) 2025 and other relevant regulations, while stressing the need for collaboration between regulators and industry players to strengthen the safety and stability of the market.
Speaking on the registration process, SEC Executive Commissioner, Operations, Bola Ajomale, identified unclear proposals, inadequate risk governance structures, insufficient capital and weak compliance plans as some of the challenges affecting the smooth approval of applications by fintech and digital asset operators.
Ajomale said the Commission would continue to strengthen its regulatory capacity to keep pace with evolving technologies within the market.
Also speaking, Janet Joseph, Divisional Head, Virtual Assets and FinTech Supervision at the SEC, clarified that Approval in Principle (AIP) is a controlled supervisory pathway and does not constitute a final operating licence.
According to her, the process enables the Commission to assess an operator’s governance structure, capital readiness, technology controls and investor protection measures before making a final registration decision.
On capital requirements, Dr Abdulrazak Mohammed, Head, Inspectorate Division at the SEC, said the Commission was focused on ensuring that operators entering the market have sufficient resources to withstand potential losses and remain sustainable.
The regulatory push extends beyond registration. The SEC has continued to tighten its oversight of digital asset businesses as the sector expands.
In January 2026, the Commission raised the minimum capital requirement for several capital market operators, including digital asset exchanges and custodians, to N2 billion.
The Commission also granted Approval-in-Principle to seven additional crypto firms under its Accelerated Regulatory Incubation Programme (ARIP) in July, allowing them to operate within the defined scope of the regulatory sandbox, subject to regulatory conditions.
In August, the SEC proposed a N30 million registration fee for several categories of digital asset operators, alongside requirements for local incorporation and resident principal officers.
Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has called for stronger anti-money laundering compliance among digital asset operators.
Aminu Garba, Acting Head, Operational and Digital Intelligence at the NFIU, said investment fraud accounted for half of the cases investigated by the unit.
He urged operators to strengthen customer due diligence, monitor cross-border transactions, screen customer names and report suspicious transactions to the NFIU.
The President of the FinTech Association of Nigeria, Dr Stanley Jacob, also called on the SEC to encourage more fintech firms to participate in its regulatory incubation programme to promote knowledge sharing within the sector.
The latest regulatory engagement comes as Nigeria’s fintech and digital asset ecosystem continues to evolve, with regulators seeking to balance innovation with investor protection, market stability and compliance.
