Nigeria’s Securities and Exchange Commission has admitted Yellow Card, Blockchain Africa, and Pisi Payment Solutions, the parent company of fintech YDPay, into its regulatory sandbox. The three firms now hold Approval-in-Principle status under the Accelerated Regulatory Incubation Programme, which has expanded to 12 participants since July.
According to a statement from the SEC on Thursday, Pisi Payment Solutions, BC Access (Nigeria) Limited (the legal entity behind Blockchain Africa, a subsidiary of global cryptocurrency exchange Blockchain), and Yellow Card have been accepted into ARIP. The approvals allow them to operate within the programme’s defined scope while remaining subject to the Commission’s regulatory and supervisory conditions.
The SEC had already brought nine firms into the sandbox in July, including investment platform GetEquity and cryptocurrency exchanges KuCoin Nigeria and Luno. The latest additions bring the total to 12, accelerating the onboarding of digital asset startups after a slowdown in new admissions during 2025.
“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 its statement. “An Approval-in-Principle confirms that an entity has satisfied the Commission’s requirements for admission into the Programme.”
ARIP was launched in June 2024 as a controlled testing environment for virtual asset providers, tokenised product platforms, and other digital investment businesses. The SEC uses the programme to evaluate new technologies and business models before they can be offered to the broader investing public.
The first approvals under ARIP were granted to Nigerian crypto startups Busha and Quidax in August 2024. Those approvals were expected to lead to full licences after a one year incubation period. However, the SEC has not yet confirmed whether either firm has completed that transition, leaving no clear precedent for how sandbox participants become fully regulated crypto operators in Nigeria.
The expansion comes as Nigeria remains one of Africa’s largest cryptocurrency markets by adoption, despite years of regulatory uncertainty and periodic restrictions on parts of the sector. Regulators have been shifting from a cautious stance toward a framework built around licensing, supervision, and consumer safeguards.
“Nigeria is one of Africa’s most important digital asset markets, and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country,” Owen Odia, general manager for Africa at Blockchain, told TechCabal. “The programme [allows] us to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market, and help support a framework that protects consumers while enabling responsible innovation.”
The SEC noted that ARIP admission does not constitute a final operating licence. The regulator has also introduced minimum capital and corporate governance requirements for digital asset companies, with exchanges and custodians required to maintain capital of up to ₦2 billion ($1.5 million).
The latest admissions underscore Nigeria’s more decisive move toward a supervised digital asset regime, now centered around the Virtual Asset Council, with the Central Bank of Nigeria and the Nigeria Revenue Service serving as vice chairs. This structure could offer greater clarity for startups, investors, and foreign crypto firms seeking access to one of Africa’s largest digital asset markets.
With 12 firms now operating inside the sandbox under Approval-in-Principle, the SEC continues to test new digital asset models in a controlled setting. The path from sandbox participation to full licensing remains a work in progress, as the regulator has yet to announce any completions since the programme’s first admissions.
