SEC Promises Clear Regulations for Fintech Firms in Nigeria

The Securities and Exchange Commission (SEC) has assured fintech and digital asset operators that it aims to create clear regulatory pathways while ensuring market stability. SEC Director-General, Dr Emomotimi Agama, made this statement on Wednesday in Abuja during the second Bi-Annual Regulator/FinTech Clinic.

He emphasized the Commission's commitment to strengthening the safety of the fintech ecosystem through effective regulation and urged operators to comply with the Investments and Securities Act (ISA) 2025. SEC Executive Commissioner, Operations, Mr Bola Ajomale, reiterated the Commission's mandate to manage risks and ensure financial system stability.

Ms Janet Joseph, Divisional Head, Virtual Assets and FinTech Supervision at SEC, explained that Approval in Principle (AIP) is a controlled supervisory pathway allowing the Commission to assess operators before formal registration. Dr Abdulrazak Mohammed, Head of the Inspectorate Division at SEC, stated that operators must have real resources to withstand losses.

Mr Aminu Garba from the Nigerian Financial Intelligence Unit highlighted the importance of compliance with anti-money laundering regulations. The SEC is tightening its regulatory framework, including proposed registration fees for digital asset operators.