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Nigeria’s crypto industry has shifted significantly. The market, which was largely dominated by informal P2P trading due to the previous regulatory stance of bodies such as the CBN, is now moving into an era of formal regulatory oversight.
At the helm of this transition is the Securities and Exchange Commission (SEC) Nigeria, under the leadership of Director-General Dr Emomotimi Agama.
If you trade or hold crypto in Nigeria, it used to be hard to tell which platforms were safe. Fake crypto exchanges and scams thrived in the absence of a formal regulatory framework. To bring order, investor protection, and financial integrity to Nigeria’s crypto ecosystem, the SEC established the Accelerated Regulatory Incubation Programme (ARIP).
Here’s an overview of SEC Nigeria’s ARIP framework, the conditions crypto firms must meet to join, and a detailed list and profile of the approved firms in the programme.
What is SEC Nigeria’s ARIP and AIP?
The Accelerated Regulatory Incubation Programme (ARIP) was introduced by SEC Nigeria in June 2024. ARIP is the SEC regulatory sandbox for VASPs. It is a fast-tracked onboarding framework for crypto exchanges, digital asset providers, custodians, and tokenisation platforms. Established under Section 38 of the Investments and Securities Act (ISA), ARIP bridges unregulated operations and full SEC registration.
ARIP targets established VASPs and digital investment service providers (DISPs) already operating in Nigeria or seeking immediate commercial clearance. In the SEC’s words, ARIP lets it assess new business models “in a controlled regulatory environment” before services reach the public.
Once a crypto firm is admitted into ARIP, it receives an Approval-in-Principle (AIP). The AIP is not a full licence. However, an AIP lets VASPs offer digital asset services under strict SEC oversight. They can do so while completing the operational, capital, and technical requirements for full registration.
Conditions and Guidelines for Joining SEC ARIP
To receive AIP under ARIP, crypto companies must meet the strict standards set by the SEC. This includes:
- Local Presence: The firm must be incorporated in Nigeria. It must keep a physical office in Nigeria. Its CEO or managing director must live in Nigeria.
- Fees: The firm must pay a non-refundable assessment fee of 200,000. Upon admission into ARIP, it must pay a non-refundable processing fee of 2,000,000 via the SEC ePortal.
- Incubation Growth Cap: Restricted from growing its registered customer base by more than 10% during the incubation phase without SEC clearance.
- Capital & Reserves: The firm must provide proof of the required shareholder funds and a fidelity bond covering at least 25% of those funds.
- Sponsored Individuals: A minimum of four registered principal officers (including CEO and Compliance Officers) vetted for fitness and proper status.
- AML/CFT/NFIU Compliance: Full integration with NFIU reporting protocols and implementation of Anti-Money Laundering and Travel Rule controls.
Once inside ARIP, participants send the SEC weekly and monthly trading statistics where applicable. They also send quarterly financial and compliance reports and accept on-site and off-site inspections.
Complete List of SEC ARIP Approved Firms in Nigeria
The SEC Nigeria registry divides digital asset participants into Digital Asset Exchanges (DAXs), Real-World Asset (RWA) Tokenisation platforms, Digital Asset Custodians, and DISPs. As of September 2026, the SEC has admitted 14 crypto firms into ARIP. They are:
- Busha Digital Limited
- Quidax Technologies Limited
- Bitbarter Technologies Limited
- Luno Fintech Nigeria Limited
- GetEquity Limited
- Koinkoin Global Network Limited
- Wrapped CBDC Ltd
- Trovotech Ltd
- Blockvault Custodian Ltd
- GIGX Technologies
- KuCoin Nigeria Limited
- Pisi Payments Solution Limited
- BC Access (Nigeria) Limited (Blockchain.com)
- Yellow Card (YC) Financial Limited
ARIP Approved Firms in Detail
- Busha Digital Limited (Busha)
Busha is a Nigerian DAX founded in 2018/19 by co-founders Michael Adeyeri (CEO), Moyo Sodipo (COO), and Laolu Samuel-Biyi. Speaking to TechCabal, Moyo Sodipo says Busha was founded because “there was no easy way to buy or sell cryptocurrency in Nigeria. I had to get someone in the US to help me buy Bitcoin, then send it over. You always had to depend on someone.”
Busha says it has taken a compliance-first stance since launch, including reaching out to the SEC in 2018 before any regulatory frameworks existed. On August 29, 2024, Busha became one of the first two firms to be admitted under the SEC’s ARIP.
Busha offers retail crypto services and B2B services through Busha Business. In 2026, Busha launched its crypto cards, announced a partnership with Tether, launched a prediction market called Signal, and announced a partnership with Mastercard.
- Quidax Technologies Limited (Quidax)
The idea for Quidax was born in 2016, although the platform didn’t launch till 2018. Quidax was founded by Buchi Okoro (CEO), Uzo Awili (CTO), and Morris Ebieroma (CIO). Buchi Okoro says the idea for Quidax came after he got scammed while trying to buy Bitcoin from someone he met on Nairaland.
He says the money he lost, “wasn’t a lot but it was all I had.” He and his co-founders began discussing building “a place where every African can buy and sell crypto.” They initially called it “the central bank of coins.”
Quidax was one of the two firms admitted on August 29, 2024, to the ARIP program.
Quidax offers spot trading, an over-the-counter desk, a crypto API for fintechs, and its QDX token. In July 2026, Quidax expanded its stablecoin payment infrastructure to over 21 countries and 14 currencies to address Africa’s expensive cross-border payments.
- Bitbarter Technologies Limited (Bitbarter)
Bitbarter is a peer-to-peer marketplace and payments platform for buying, selling, and paying with digital assets. Etienne Okeke (CEO) and Ndubuisi Samuel (CTO) founded it in 2021.
Bitbarter received its AIP on the 2nd of July 2026. The platform offers peer-to-merchant crypto payments, cross-border remittances, developer payment gateways, and multi-currency digital asset wallets.
- Luno Fintech Nigeria Limited (Luno)
Luno Fintech Nigeria Limited is the Nigerian arm of the popular DAX Luno. Luno was founded by Marcus Swanepoel and Timothy Stranex in 2013. Its Nigerian arm has been in the market since 2015 under CEO and country manager for Luno Nigeria, Ayotunde Alabi.
Luno joined the SEC’s ARIP framework in July 2026. It is one of the largest crypto exchanges not only in Nigeria but across Africa.
Luno’s current services have centred on retail crypto services. Still, Luno Nigeria CEO Ayotunde Alabi recently told the industry that the company plans to start offering business services for banks, fintechs, and asset managers, including stablecoin apps, treasury tools, and crypto-as-a-service.
- GetEquity Limited (GetEquity)
GetEquity is a Digital Investment Service Provider (DISP), founded in 2020 by Jude Dike (CEO), William Okafor (CTO), and Temitope Babatunde Ekundayo (COO). GetEquity launched in 2021 to “democratize access” to private capital, startups, and alternative investments in Africa.
GetEquity joined ARIP in July 2026. In 2025, the company announced it had reached profitability after shifting from equity-based funding to local debt investments. In 2026, GetEquity offered the Dangote IPO globally on-chain via the Solana network.
- Koinkoin Global Network Limited (KoinKoin)
KoinKoin is an Africa-focused digital asset exchange founded in 2018 by its global CEO, Ola Atose. It launched its first exchange in 2019 and registered in Ghana in 2021. KoinKoin secured its AIP in July 2026.
KoinKoin offers an institutional OTC trading desk, a spot exchange engine, and cross-border settlement for international commerce. Koinkoin launched its mobile app in Nigeria on October 1st 2026, the country’s independence day.
- Wrapped CBDC Ltd (cNGN)
Wrapped CBDC Ltd is the company behind cNGN, a naira-backed stablecoin issued for the Africa Stablecoin Consortium. It was registered in 2023 as a joint venture with blockchain firm Convexity, whose founder is Adedeji Owonibi, and Uyoyo Ogedegbe as its managing director.
The SEC first admitted Wrapped CBDC into its separate Regulatory Incubation (RI) programme in August 2024. It moved into ARIP on the 2nd of July 2026.
cNGN launched on February 3, 2025, and ended its first year with over one billion tokens in circulation. Despite industry conversations about a lack of use cases for a naira-backed stablecoin, cNGN seems to have found new use cases in the second half of 2026, including being utilised by HyperFX for FX settlement.
Wrapped CBDC services include minting and burning of cNGN stablecoins against Naira deposits, 1:1 reserve settlement, corporate treasury management, and cross-border multi-blockchain liquidity rails.
- Trovotech Ltd (Trovotech)
Trovotech is a Lagos-based blockchain software company founded in 2022 by Obi Ezenwugo and Thomas Enechi (VP). The platform was built to bridge traditional capital markets with blockchain technology by tokenising productive real-world assets.
Trovotech joined the SEC’s Regulatory Incubation programme in August 2024 and received its ARIP admission on July 2, 2026. Its products include the Trovo App, a platform for asset tokenisation, and TrovoP2P, an infrastructure layer for peer-to-peer trading of digital assets.
- Blockvault Custodian Ltd (Blockvault)
Blockvault is a digital asset custodian based in Lekki, Lagos. The SEC’s register lists Chimezirim Ihebenachi as its sponsored individual. Like Trovotech, Blockvault joined the Regulatory Incubation programme in August 2024 and moved into ARIP on July 2, 2026.
Blockvault provides secure storage and management of digital assets. Among the 14 firms, it is the only one with an SEC-listed custody function, the safekeeping layer exchanges and platforms depend on.
- GIGX Technologies (GIGX)
GIGX is a fintech company headquartered in Canada, with operations in Nigeria and Zambia. It is an alumnus of the Techstars Toronto accelerator. It was founded by Osamede Arhunmwunde (CEO) and Chukwudi Anyanwuocha (CGO).
The SEC admitted GIGX into ARIP in a circular published on July 3, 2026. GIGX offers a digital wallet that combines payments, savings, decentralised finance tools, and cross-border transfers. The company says it has processed over $100 million in payments and remittances in the past year.
- KuCoin Nigeria Limited (KuCoin Nigeria)
KuCoin Nigeria is the local entity of KuCoin, a global crypto exchange launched in September 2017 and headquartered in Seychelles. KuCoin has served Nigerian users since at least 2020, when it added naira to its peer-to-peer market. In June 2026, the company’s global arm expanded its payment infrastructure into multiple countries, including Zambia.
In May 2024, during the regulatory crackdown, KuCoin suspended peer-to-peer naira trading and Fast Buy via naira cards. It said it wanted to resume “in a fully compliant manner.” The SEC admitted KuCoin Nigeria into ARIP in a circular published on July 3, 2026. The admission is a step on that path back. KuCoin Nigeria offers crypto trading and related exchange services.
- Pisi Payments Solution Limited (Pisi Payments)
Pisi Payments is the parent company of Nigerian fintech company YDPay. The SEC admitted Pisi Payments into ARIP in August 2026, alongside Yellow Card and Blockchain.com’s Nigerian entity. It is the least publicly documented firm on the list. Through YDPay, it offers low-fee instant crypto swaps and integrated merchant settlement systems tailored specifically for African commerce
- BC Access (Nigeria) Limited (Blockchain.com)
BC Access (Nigeria) Limited is the Nigerian entity of Blockchain.com. Blockchain.com began in 2011 in York, UK, founded by Ben Reeves, Nicolas Cary and Peter Smith. It started as a Bitcoin transaction explorer and wallet, and later added an exchange.
The SEC admitted the Nigerian entity into ARIP in August 2026, and Blockchain.com announced it on August 18. Owen Odia, its general manager for Africa, called Nigeria “one of Africa’s most important digital asset markets.” The company says it has supported over 94 million wallets and $1.1 trillion in crypto transactions globally. It opened its first African office in Nigeria in 2025.
- Yellow Card (YC) Financial Limited (Yellow Card)
Yellow Card is a stablecoin payments infrastructure company founded in 2016 by Chris Maurice and Justin Poiroux. Maurice started it from his dorm room at Auburn University, then moved it to Lagos and launched it in 2019. Its managing director in Nigeria, Lasbery Oludimu, said Nigeria “isn’t just one of our markets; it’s where Yellow Card started.”
The SEC admitted Yellow Card Financial Limited into ARIP in August 2026. The company operates in over 20 African countries and focuses heavily on stablecoin infrastructure and cross-border settlement. In May 2026, the company announced its partnership with Mastercard to accelerate stablecoin-enabled payment innovation in Africa. In August 2026, the company secured $40 million in a funding round led by Standard Chartered and Sony.
Who Is Not on the List?
Popular crypto exchanges and P2P marketplaces such as Binance, Bybit, OKX, and CoinCola are not in the SEC’s ARIP framework.
What Does ARIP Approval Mean for Crypto Users?
An AIP means a firm has met the SEC’s entry requirements and is under supervision. The SEC says it is not a final licence and remains conditional on continued compliance. So “SEC approved” does not yet mean “fully licensed.”
To check a platform, compare its exact legal name against the SEC circulars. Many platforms use a trading name. You can also use the SEC’s Find a Registered Operator tool or write to innovation@sec.gov.ng. Be wary of any platform that calls itself “SEC licensed” without a circular to back it up.
What Next for ARIP?
First, the first full registration. At the SEC’s 7 October clinic, officials described AIP as a supervised pathway, not a final licence. The SEC has not provided a full timeline for a full licence.
Second, the final digital asset rules. The SEC’s August draft proposes a ₦2 billion capital floor for exchanges and custodians, which could affect which companies can participate in the market.
Third, more admissions. The SEC admitted two firms in 2024 and twelve in 2026, in line with its stated goal of bringing the country’s crypto industry under supervision.
Conclusion
ARIP has grown from two firms to fourteen in just over two years. The list now covers exchanges, a custodian, a naira stablecoin issuer, a tokenisation platform and payments firms. For crypto users, it is the clearest guide yet to which platforms are under SEC supervision. Whether any of the graduates to a full licence, and when, is the next thing to track.
