Nigeria SEC Greenlights Stablecoin Businesses

Nigeria's Securities and Exchange Commission (SEC) has taken a significant step toward recognizing stablecoins as part of the country’s evolving financial ecosystem. Emomotimi Agama, the newly appointed Director-General of the SEC, indicated that the regulatory body is now open to frameworks that allow stablecoin operations. This move signals a departure from past government hostility toward cryptocurrencies and could unlock massive innovation within Nigeria’s fintech space. The development aligns with global trends as countries like Singapore and the UK also explore regulated stablecoin use for payments and remittances. Startups in blockchain, cross-border payments, and digital banking now have a clearer path to engage with Nigerian regulators. With nearly 70% of Nigeria’s population still underbanked, stablecoin adoption could become a practical tool for financial inclusion. The SEC's openness could also encourage foreign fintechs to re-engage Nigeria’s market after a long season of regulatory uncertainty.