Nigeria is witnessing a major shakeup in its fintech regulation as Dr Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), is calling for sweeping collaboration across the digital finance sector to implement the newly-signed Investments and Securities Act (ISA) 2025.
The landmark legislation, signed into law by President Bola Tinubu in March, is recognising digital assets such as cryptocurrencies and tokens as securities, granting the SEC broader authority to regulate platforms in Nigeria’s booming fintech scene.
Agama, who assumed office in April 2024, tells stakeholders that the Commission is “working closely with digital service providers to interpret and apply the law in a way that drives innovation while keeping investors safe.”
“The Investment and Securities Act 2025 presents a very significant shift for the financial landscape in Nigeria, particularly concerning the fintech sector,” Agama says, while speaking at a virtual stakeholder engagement hosted by the Fintech Association of Nigeria (FinTechNGR) on Monday.
“The Investment and Securities Act 2025 presents a very significant shift for the financial landscape in Nigeria, particularly concerning the fintech sector,” Agama says, while speaking at a virtual stakeholder engagement hosted by the Fintech Association of Nigeria (FinTechNGR) on Monday.
The SEC chief explains that the new law empowers the Commission to licence and supervise digital asset platforms, crowdfunding portals, virtual asset service providers (VASPs), and other fintech operators with greater clarity than before.
Highlighting the urgency of protecting the public from scams and misinformation, Agama warns that: “We must establish clear rules for digital asset platforms. This allows the SEC to crackdown on illicit activities such as Ponzi schemes, pump-and-dump tokens, and unregistered exchanges.”
He adds that celebrities should also be wary of endorsing unreliable digital products: “Some of these meme coins do not mean well for the generality of Nigerians,” he cautions.
ISA 2025: Driving innovation while ensuring oversight
With Nigeria ranked among Africa’s top fintech innovators, Agama says the ISA 2025 is setting the stage for a more transparent and inclusive ecosystem. He is calling for unity among stakeholders to build a resilient digital finance landscape.
The SEC, he reveals, is already preparing an updated regulatory framework that aligns with the new law. “Every aspect of the regulation that we need to adjust… will be done within a very short time so as to create the kind of environment we have been speaking to,” Agama says.
This upcoming regulation is expected to build upon the digital assets rulebook previously issued by the Commission before the ISA 2025 was passed. “We are able to deal with some oversights that may have happened in the process of setting out the law,” he explains. “That regulation is very, very rich and very deep.”
Delays, apologies and due diligence
Addressing concerns about prolonged licensing timelines, Agama is offering a rare public apology: “It may appear that it’s taking too long… I am tendering this apology. What we are trying to do is to make sure that every gap that we have seen is covered.”
With Nigeria ranked among Africa’s top fintech innovators, Agama says the ISA 2025 is setting the stage for a more transparent and inclusive ecosystem. He is calling for unity among stakeholders to build a resilient digital finance landscape.
He blames some delays on coordination challenges with other government agencies but promises that “the next batch of licences” will be issued soon.
On the SEC’s FinPort platform, Agama highlights that companies such as Cowrywise, Bamboo, Chaka Technologies, Monieworx (Obelix 4.1.1 Alternative Ltd), Wahed Ltd, and others have been approved. A full, updated list of licensed operators will soon be published on the SEC website. If you’re not registered, you’re in violation,” he states firmly, urging unregistered platforms to comply.
Nigeria’s digital leap forward
Agama’s call to action comes at a time when Nigeria is asserting its position as a continental leader in digital finance. According to the Central Bank of Nigeria (CBN), fintech services have significantly boosted financial inclusion, while the Nigerian Communications Commission (NCC) reports over 142 million active internet subscriptions as of January 2025 — a critical driver of the digital economy.
With the ISA 2025, the SEC is promising a tech-forward future for Nigeria’s fintech industry — one where innovation meets accountability, and digital growth is matched by investor trust.
“The ISA 2025 has the potential to transform the fintech landscape in Nigeria, fostering growth, innovation, and investor protection,” Agama says, as he champions what may be Nigeria’s most ambitious fintech regulation to date.
Home
