Nigeria’s Securities and Exchange Commission (SEC) has admitted three additional virtual asset service providers and digital investment platforms into its Accelerated Regulatory Incubation Programme (ARIP), expanding the regulatory sandbox to 12 firms since July.
On Thursday, the SEC said it had admitted Pisi Payment Solutions, the parent company of Nigerian fintech YDPay, BC Access (Nigeria) Limited, the legal entity of Blockchain Africa—a subsidiary of global cryptocurrency exchange Blockchain—and Yellow Card, the stablecoin infrastructure startup, into the programme.
The approvals grant the firms Approval-in-Principle (AIP) status, allowing them to operate within the sandbox’s defined scope while remaining subject to ongoing regulatory and supervisory conditions. In July, the regulator admitted nine firms into the sandbox, including investment platform GetEquity and cryptocurrency exchanges KuCoin Nigeria and Luno.
“This development means that these entities would receive the Commission’s Approval-in-Principle (AIP), permitting them to operate within the defined scope of the Programme and subject to conditions stipulated by the Commission,” the regulator said in a statement. “An Approval-in-Principle confirms that an entity has satisfied the Commission’s requirements for admission into the Programme.”
