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The Securities and Exchange Commission (SEC) has assured fintech and digital asset operators that it does not intend to stifle their operations, saying it is focused on creating clear regulatory pathways while ensuring market stability.
SEC Director-General, Dr Emomotimi Agama, said this on Wednesday in Abuja at the second Bi-Annual Regulator/FinTech Clinic organised by the Commission.
He said the Commission was working to strengthen the safety of the fintech and digital assets ecosystem through effective regulation.
SEC: “We do not want to gag anyone”
Agama said the Commission was committed to creating a regulatory environment that allows fintech and digital asset operators to enter and operate in the market while complying with applicable rules.
- “We want the digital platforms to enter the market through clear pathways,” Agama said.
- “We do not want to gag anyone, but we are open to listening to every complaint,” he added.
He urged fintech and digital asset operators to comply with the Investments and Securities Act (ISA) 2025 and other relevant regulations.
Agama said the Commission would collaborate with fintech and digital asset firms to strengthen the safety and stability of the market.
- “Time has come to build a stronger ecosystem for Nigeria,” Agama said.
Commission identifies hurdles to registration
Also speaking, SEC Executive Commissioner, Operations, Mr Bola Ajomale, said the Commission’s mandate was to manage risks and ensure financial system stability.
- Ajomale said some fintech and digital asset operators sometimes faced factors that impeded the smooth approval of their registration with the Commission.
- He identified unclear proposals, inadequate risk governance structures, insufficient capital and weak compliance plans among the challenges affecting the registration process.
- Ajomale said the Commission would continue to strengthen its capacity to match evolving technologies in the market.
Also speaking, Ms Janet Joseph, Divisional Head, Virtual Assets and FinTech Supervision at SEC, said Approval in Principle (AIP) was a controlled supervisory pathway and not a final licence.
She said AIP allowed the Commission to assess evidence of governance, capital readiness, technology controls and investor protection safeguards before making a formal registration decision.
Speaking on capital requirements for fintech operators, Dr Abdulrazak Mohammed, Head, Inspectorate Division at SEC, said the goal was to build operators that would remain in the market.
Mohammed said the Commission would consider operators with real and available resources capable of withstanding losses before registration.
NFIU urges stronger AML compliance
Mr Aminu Garba, Acting Head, Operational and Digital Intelligence at the Nigerian Financial Intelligence Unit (NFIU), said investment fraud represented half of the cases investigated by the unit.
He urged digital asset operators to comply with anti-money laundering regulations when serving their customers.
Garba advised operators to conduct customer due diligence, monitor cross-border transactions, screen customers’ names and report suspicious transactions to the NFIU.
Dr Stanley Jacob, President of the FinTech Association of Nigeria, also urged the SEC to encourage more fintech firms to join its regulatory incubation programme for better knowledge sharing.
SEC tightens digital asset oversight
The SEC has been tightening its regulatory framework for fintech and digital asset operators as the sector expands.
- In January 2026, the Commission raised capital requirements for several capital market operators, including digital asset firms, with digital asset exchanges and custodians required to maintain a minimum capital base of N2 billion.
- Nairametrics reported in July that the SEC had granted Approval-in-Principle to seven additional crypto firms under its Accelerated Regulatory Incubation Programme (ARIP), allowing them to operate within the defined scope of the regulatory sandbox subject to regulatory and supervisory conditions.
The regulatory push has also included proposed registration fees and other requirements for digital asset businesses. 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.
