Luno Nigeria has become the first cryptocurrency exchange with a global footprint to secure admission into Nigeria’s Securities and Exchange Commission (SEC) Accelerated Regulatory Incubation Programme (ARIP), receiving Approval-in-Principle (AIP) to operate under regulatory supervision.
The milestone, announced on July 3, 2026, positions Luno among seven fintech and digital asset firms cleared in the latest ARIP cohort — the first new group admitted since August 2024. Other participants include Bitbarter Technologies, GetEquity, Koinkoin Global Network, and several specialised entities focused on custody, tokenisation, and related services.
ARIP functions as a controlled regulatory sandbox, enabling qualified Virtual Asset Service Providers (VASPs) and digital investment platforms to test operations under SEC oversight while working toward full registration. The AIP confirms that participants have met initial requirements but does not constitute a final licence; operations remain subject to strict compliance, reporting, and supervisory conditions.
Ayotunde Alabi, CEO of Luno Nigeria, described the approval as a validation of the company’s long-term approach. “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,” he said. “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.”
Luno, founded in South Africa in 2013, entered the Nigerian market in 2015 and was among the earliest platforms to offer crypto trading to local users. Like many peers, it navigated the Central Bank of Nigeria’s 2021 blanket ban on crypto-related banking activities, which complicated operations despite sustained customer demand.
Nigeria ranks among the world’s most active crypto economies, driven by naira volatility, remittances, and limited traditional financial access. Yet the sector has operated in a grey zone for years, with regulators balancing innovation against risks of fraud, money laundering, and capital flight.
The SEC’s ARIP framework, launched in 2024, represents a pragmatic shift. It allows the regulator to gather real-world data on business models, risk controls, and investor safeguards before finalising broader Digital Assets Rules. Previous approvals went to local players such as Busha and Quidax; Luno’s inclusion as the first global operator underscores growing confidence in structured oversight.
For Luno, the AIP opens supervised avenues to deepen engagement with retail users, institutional clients, and potential B2B opportunities in Nigeria. It also signals to the broader market that established international platforms can align with local rules.
The development comes as Nigeria’s crypto ecosystem matures. The Investments and Securities Act 2025 provides clearer statutory backing for digital asset regulation, while ongoing parliamentary discussions and industry engagements reflect efforts to strike a balance between growth and protection.
Other global exchanges are watching closely. Recent admissions, including reports of KuCoin Nigeria’s involvement in related processes, suggest accelerating formalisation.
Still, challenges remain. Full licensing will require robust custody arrangements, anti-money laundering controls, and operational resilience. The SEC has emphasised that ARIP participation is conditional and revocable, underscoring the programme’s role as a testing ground rather than a permanent safe harbour.
Luno’s milestone arrives at a pivotal moment for Nigeria’s digital finance ambitions. As authorities seek to channel crypto activity into regulated channels, successful ARIP participants could gain first-mover advantages in a market projected to see continued adoption.
For the wider industry, the approval reinforces a trend: compliance and regulatory engagement are becoming competitive advantages rather than obstacles. How Luno and its cohort navigate the incubation period and how quickly they transition to full licences will help shape confidence in Nigeria’s evolving crypto framework.
Investors, users, and policymakers alike will be monitoring whether this latest regulatory opening translates into safer, more innovative digital asset services for Africa’s largest economy.
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