The Securities and Exchange Commission (SEC) of Nigeria has cleared three additional Virtual Asset Service Providers (VASPs) for admission into its Accelerated Regulatory Incubation Programme (ARIP). The Commission described the milestone as reinforcing its ongoing commitment to fostering responsible innovation that deepens Nigeria's capital market while rigorously safeguarding investor interests. The decision also extends a step-by-step build-out of Nigeria's digital asset rulebook, which began with the Commission's 2022 rules on the issuance, offering, and custody of digital assets and continued in 2024 with the onboarding of digital asset exchanges and offering platforms onto its Regulatory Incubation (RI) programme.

The newly admitted entities are:

• Pisi Payments Solution
• BC Access (Nigeria) Limited (Blockchain.com)
• Yellow Card (YC) Financial Limited

The new cohort spans different operating profiles: Blockchain.com is a long-established global digital asset platform, while Yellow Card is an Africa-focused digital asset exchange operating in multiple countries across the continent.

With this development, the three entities will 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. An Approval-in-Principle confirms that an entity has satisfied the Commission's requirements for admission into the Programme. The Commission noted, however, that an AIP is not a final licence and remains conditional on the entity's continued compliance with all applicable regulatory, operational, and supervisory obligations. The main checkpoint ahead is therefore each entity's progression from AIP toward full licence status, which the Commission has tied to sustained compliance; further admissions under ARIP would also indicate how widely the SEC intends to open the programme.

About ARIP

ARIP is an innovative regulatory environment designed to fast-track the onboarding of digital asset and other investment service providers — such as Virtual Asset Service Providers and tokenized product platforms — through a controlled regulatory sandbox. It allows the Commission to assess novel business models and technologies in a controlled environment, ensuring that appropriate safeguards are in place to protect investors and preserve market integrity before these products and services are offered to the investing public. ARIP complements the Commission's earlier Regulatory Incubation track, under which a first set of digital asset exchanges and offering platforms was admitted in 2024.

For more information, the Commission directs interested parties to its official site: FinPort Programs (RI and ARIP) – Securities and Exchange Commission, Nigeria.

The Commission said it remains committed to enabling innovation that advances efficiency, transparency, financial inclusion, and sustainable growth in Nigeria's capital market. Through initiatives such as ARIP, the SEC continues to encourage responsible technological advancement alongside investor protection guardrails and market discipline. The clearances arrive amid broader regulatory clarity in the sector: in December 2023, the Central Bank of Nigeria rolled back its 2021 restrictions on banks serving virtual asset service providers and issued formal guidelines the following year. That shift carries weight in one of the world's most active retail digital asset markets — Nigeria has repeatedly ranked at or near the top of Chainalysis' Global Crypto Adoption Index — where regulated on-ramps are still taking shape.

Members of the investing public are strongly advised to verify the regulatory status of anyone promoting investment products or services through the Commission's official channels before engaging with them.

Related coverage: REGULATION | SEC Nigeria Approves 7 Digital Assets Exchanges and Offering Platforms Onto its Regulatory Incubation Program