The Securities and Exchange Commission (the SEC or the Commission) has announced the launch of applications for the second cohort of its Regulatory Incubation Program (RI Program). The Commission noted that applications will remain open till 8 April 2024.

20 February 24

The RI Program was launched by the Commission in 2021 to address the needs of new fintech business models that require regulatory authorisation to carry out technology-driven capital market activities while ensuring maximum investor protection. The program is expected to support the development of regulation that facilitates fintech innovation without compromising market integrity and investor protection.

Eligible applicants for the RI Program include companies incorporated in Nigeria or licensed by a securities market regulator in an equivalent jurisdiction that offer or intend to offer innovative products, or apply technology in an innovative way to provide investment and securities business in the Nigerian capital markets. Specifically, these include:

  1. registered capital market operators,
  2. unregistered fintech innovators that are not regulated, and
  3. firms seeking to enhance investor participation in the Nigeria capital markets.

The SEC also clarified that firms that operate or intend to operate capital market activities that are covered by its extant regulations should not apply for the RI Program.

Should you have any questions regarding this alert, do not hesitate to contact Ajibola Asolo.


Bukola Akinsulere – Senior Associate