Luno Nigeria has taken a major step forward in its regulatory journey after receiving Approval-in-Principle from Nigeria’s Securities and Exchange Commission (SEC) through admission into the Accelerated Regulatory Incubation Programme (ARIP). The milestone makes it the first global cryptocurrency exchange to be admitted into the programme.
The approval follows an extended engagement process with the regulator and reflects Luno’s commitment to operating within Nigeria’s evolving digital asset framework. It also signals growing alignment between global crypto platforms and Nigeria’s push for structured oversight of the sector.
Admission into ARIP means Luno Nigeria has met the SEC’s initial requirements to participate in the programme and is now permitted to operate within its defined regulatory scope. However, the company will continue to operate under ongoing supervision as it works toward full registration.
Luno, which has been active in Nigeria since 2015, is one of the earliest cryptocurrency exchanges to serve the market. Over the years, it has built a strong local presence while leveraging its global infrastructure. Nigeria remains one of its most strategically important markets.
Speaking on the development, Luno Nigeria’s leadership described the approval as both a validation and a turning point.
“This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets. Admission into ARIP gives us a clearer regulatory pathway, strengthens trust with customers and partners, and provides a stronger foundation for the next phase of our growth, particularly as we expand our focus on institutional and B2B opportunities.”
– Ayotunde Alabi, CEO, Luno Nigeria
The company noted that regulatory clarity is becoming increasingly important as it expands into B2B services involving banks, fintechs, payment providers, asset managers, and corporate clients exploring digital asset infrastructure. These include use cases such as stablecoin settlement, treasury management, crypto-as-a-service models, and broader institutional access to digital assets.
ARIP itself is designed as a controlled regulatory environment that allows the SEC to evaluate emerging business models such as virtual asset services and tokenised platforms. It serves as a testing framework where companies operate under defined rules while the regulator assesses compliance, risk management, investor protection, and market integrity.
Luno’s inclusion in the second batch of ARIP participants builds on Nigeria’s broader licensing efforts introduced in 2024. It reflects the country’s ongoing shift toward a more structured and transparent regulatory environment for digital assets.
For the wider market, the development is another signal that Nigeria is moving from uncertainty toward formalisation in crypto regulation, with early entrants like Luno helping to shape the rules as they evolve.
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FAQ
1. What does ARIP mean?
ARIP stands for the Accelerated Regulatory Incubation Programme introduced by Nigeria’s SEC for digital asset and investment service providers.
2. What does Approval-in-Principle mean?
It means a company has met the SEC’s initial requirements and is allowed to operate within the ARIP framework under regulatory supervision.
3. Is Luno Nigeria now fully licensed?
No. It is not fully licensed yet. It is operating under ARIP while working toward full registration.
4. Why is this important for Luno?
It provides clearer regulatory direction, improves trust, and supports expansion into institutional and B2B crypto services.
5. Why did the SEC introduce ARIP?
To safely evaluate crypto and digital asset companies in a controlled environment before granting full licenses.
6. Does this change how Nigerians use crypto?
Not directly, but it signals stronger regulation, which may improve trust and reduce uncertainty in the market.
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