Detailed overview
Nigeria at a glance
Nigeria is not a one-regulator jurisdiction. Crypto sits with the SEC, payments with the CBN, and iGaming is state-level. The correct path depends on the exact product.
Last verified: March 2026.
Use Nigeria for crypto under the SEC, payments under the CBN, and sports betting in Lagos. Pick the category before filing.
Is there a crypto licence in Nigeria?
Yes. Crypto is available under the SEC, with no single blanket licence.
The Investments and Securities Act 2025 (effective 25 March 2025) places virtual and digital assets inside the Nigerian securities regime. The SEC's Digital Assets Rules cover offerings, exchanges, custodians and intermediaries. Each activity is mapped to a specific category with its own capital rule.
The practical on-ramp for new businesses is the SEC Accelerated Regulatory Incubation Program (ARIP). Approval-in-principle is designed to move in weeks, not months.
Compliance deadline for existing operators: 30 June 2027.
SEC Incubation Route (ARIP)
Best for new market entrants.
What it is: A fast-track regulatory sandbox giving approval-in-principle before full licensing.
Who it suits: Crypto startups, new exchanges, token issuers and digital-asset platforms entering Nigeria for the first time.
Covers: the incubation phase before full SEC registration, for a period set by the Commission.
Operational requirement: Both fees are non-refundable. Operators must move to full SEC registration before the deadline.
Headline figures
- Initial assessment fee: NGN 200,000 (about USD 150)
- Processing fee: NGN 2,000,000 (about USD 1,500)
- Total ARIP fees: NGN 2,200,000 (about USD 1,650)
- Timeline to approval-in-principle: weeks
Full SEC registration
Best for established digital-asset operators.
What it is: Permanent SEC registration under the Investments and Securities Act 2025.
Who it suits: Established exchanges, custodians, token issuers and trading platforms ready to meet the 2026 capital thresholds.
Covers: all digital-asset categories defined under the SEC's Digital Assets Rules.
Operational requirement: Registration fees of NGN 100,000 filing plus NGN 300,000 processing plus NGN 30,000,000 registration per category.
Capital thresholds by category
- Approved VASP: NGN 300,000,000 (about USD 223,000)
- Digital Asset Issuer: NGN 500,000,000 (about USD 372,000)
- Digital Asset Platform Operator: NGN 500,000,000 (about USD 372,000)
- Digital Asset Offering Platform: NGN 1,000,000,000 (about USD 743,000)
- Digital Assets Exchange: NGN 2,000,000,000 (about USD 1,486,000)
- Digital Assets Custodian: NGN 2,000,000,000 (about USD 1,486,000)
Mobile Money Operator and Switching and Processing
Best for wallet-led, agent-led and core switching businesses.
What it is: CBN authorisation to operate a mobile wallet, digital payments network or transaction-switching infrastructure.
Who it suits: Telecom-linked payment businesses, fintech wallet providers and payment infrastructure companies.
Covers: wallet-led and agent-led products, core switching and transaction processing.
Operational requirement: Two-stage approval. Approval-in-principle is valid 6 months, followed by a commercial licence.
Headline figures
- Minimum capital: NGN 2,000,000,000 (about USD 1,486,000)
- Refundable escrow: NGN 2,000,000,000 (about USD 1,486,000)
- Application fee: NGN 100,000 (about USD 74)
- Licence fee: NGN 1,000,000 (about USD 743)
- AIP validity: 6 months
Payment Solution Service Provider and PTSP
Best for gateway and acquiring businesses.
What it is: CBN licence to operate a payment gateway, acquirer or terminal service provider.
Who it suits: Companies building checkout infrastructure, payment orchestration, POS terminal networks or acquiring services.
Covers: payment gateway, orchestration, acquiring support and terminal services.
Operational requirement: A combined PSSP plus PTSP plus Super-Agent application is available at NGN 250,000,000 combined capital.
Headline figures
- Minimum capital: NGN 100,000,000 (about USD 74,300)
- Refundable escrow: NGN 100,000,000 (about USD 74,300)
- Application fee: NGN 100,000 (about USD 74)
- Licence fee: NGN 1,000,000 (about USD 743)
- AIP validity: 6 months
Super-Agent licence
Best for agent-led distribution networks.
What it is: CBN authorisation to operate a network of agents offering basic financial services for licensed institutions.
Who it suits: Businesses building agent banking distribution for cash-in, cash-out, bill payments and last-mile access.
Covers: agent-led distribution networks. This is the lowest capital threshold across CBN payment categories.
Operational requirement: Approval-in-principle is valid 6 months before commercial licence issue.
Headline figures
- Minimum capital: NGN 50,000,000 (about USD 37,150)
- Refundable escrow: NGN 50,000,000 (about USD 37,150)
- Application fee: NGN 100,000 (about USD 74)
- Licence fee: NGN 1,000,000 (about USD 743)
- AIP validity: 6 months
Is there an iGaming licence in Nigeria?
Yes, at state level. Lagos is the benchmark market.
Nigeria operates as a state-by-state licensing market for lotteries and games of chance, not as a federal regime. The Supreme Court affirmed the authority of Lagos State to regulate lotteries and games of chance.
Lagos publishes category-specific application routes and fee schedules through the Lagos State Lotteries and Gaming Authority (LSLGA). Other Nigerian states require separate analysis.
Online sports betting (Lagos State)
Best for sports betting operators entering Africa's largest gambling market.
What it is: Annual Lagos State licence to operate an online sports wagering platform targeting Nigerian players.
Who it suits: Sports betting operators wanting the most clearly regulated and commercially significant state in Nigeria.
Covers: online sports wagering issued by the LSLGA, valid 1 year and renewable annually.
Operational requirement: Due diligence period of at least 10 working days. Approval-in-principle is valid 90 days.
Headline figures
- Minimum share capital: NGN 20,000,000 (about USD 14,860)
- Year 1 licence fee: NGN 50,000,000 (about USD 37,150)
- Annual renewal: NGN 10,000,000 (about USD 7,430)
- Application fee: NGN 500,000 to NGN 1,000,000 (about USD 370 to 743); confirm with LSLGA before filing
- Monthly gaming tax: 2.5 per cent of sales
Costs and timelines at a glance
- SEC ARIP fees: NGN 2,200,000 total (about USD 1,650)
- SEC ARIP timeline: weeks to approval-in-principle
- Digital Assets Exchange capital: NGN 2,000,000,000 (about USD 1,486,000)
- CBN MMO capital plus escrow: NGN 4,000,000,000 total (about USD 2,972,000)
- CBN PSSP capital plus escrow: NGN 200,000,000 total (about USD 148,600)
- CBN AIP validity: 6 months
- Lagos sports betting year 1 licence: NGN 50,000,000 (about USD 37,150)
Who Nigeria suits and who it does not
Suitable for
- Crypto exchanges and custodians under the SEC
- Mobile money and wallet operators
- Payment gateways and aggregators
- Sports betting operators targeting Lagos
Not suitable for
- Operators wanting a single national crypto licence
- Operators wanting a single national iGaming licence
- Exchanges unable to meet high capital thresholds
- Operators targeting states other than Lagos without separate analysis