Yellow Card secures Nigeria SEC conditional approval for ARIP program

Yellow Card Financial Nigeria Limited, a global stablecoin infrastructure provider, has secured conditional approval-in-principle from Nigeria’s Securities and Exchange Commission (SEC) to participate in the Commission’s Accelerated Regulatory Incubation Program (ARIP).

Under the conditional approval, Yellow Card Financial Nigeria Limited will participate in ARIP within the scope and subject to the conditions prescribed by the SEC.

The company, however, clarified that its admission into the programme does not constitute approval for any specific product, service or stablecoin offering in Nigeria.

The Accelerated Regulatory Incubation Program is also not a full operating licence. Yellow Card’s continued participation remains subject to its compliance with applicable regulatory, operational and supervisory requirements.

Commenting on the development, Lasbery Chioma Oludimu, Group Vice President of Operations and Managing Director of Yellow Card Financial Nigeria Limited, said the company was pleased to receive the SEC’s conditional approval.

“Nigeria isn’t just one of our markets; it’s where Yellow Card started and remains one of the most important markets we operate in today,” Oludimu said.

She added that the company would maintain a strong focus on compliance, professionalism and customer protection throughout the regulatory incubation process.

“As we move through the program, we remain committed to operating with high standards of compliance and professionalism, while ensuring that customer protection and regulatory compliance remain central to our approach,” she said.

Nigeria Remains Key Operational Hub

Yellow Card has maintained a significant presence in Nigeria since registering its first African entity in the country in 2019.

The company has subsequently developed Nigeria into one of its major operational hubs, with its largest team and members of its senior leadership based in the country.

Globally, Yellow Card now operates across more than 60 markets and has established relationships with major financial and payments institutions, including Visa, Mastercard, Western Union and MoneyGram.

Chris Maurice, Co-Founder and Chief Executive Officer of Yellow Card, said the company’s regulatory strategy is focused on meeting high compliance standards across every market in which it operates.

“As a company, we set out to build stablecoin infrastructure for the world, not just for one region. That means meeting the highest compliance standards in every market rather than cutting corners anywhere,” Maurice said.

He described the company’s admission into ARIP as an important step in its engagement with Nigeria’s financial regulator.

“Admission into ARIP is an important step in our engagement with Nigeria’s regulator, and we look forward to continuing that work as we progress through the program,” he added.