Nigeria’s Securities and Exchange Commission (SEC) has announced a revision of minimum capital requirements for operators in the country’s capital market, raising the financial thresholds for fintech companies, virtual asset service providers, and other market participants.
In a circular issued on Friday, January 16, 2026, the regulator said the new capital standards are aimed at strengthening the financial resilience of capital market operators while ensuring that regulatory requirements reflect the scale, complexity, and risk exposure of modern financial services businesses.
According to the SEC, the revised framework is part of a broader effort to enhance market stability, protect investors, and align Nigeria’s capital market regulations with evolving global best practices. The circular applies to a wide range of institutions, including fintech operators, virtual asset service providers (VASPs), crowdfunding platforms, robo-advisers, fund managers, and market infrastructure institutions.
One of the most significant changes affects robo-advisers — digital platforms that offer automated financial planning and investment services with minimal human involvement. Under the new rules, minimum capital requirements for robo-advisers have increased tenfold, rising from ₦10 million to ₦100 million. Crowdfunding intermediaries are also impacted, with their minimum capital requirement doubled from ₦100 million to ₦200 million.
Virtual asset service providers face some of the steepest increases. Digital Assets Exchanges (DAXs) and Digital Assets Custodians are now required to maintain minimum paid-up capital of ₦2 billion each. Ancillary Virtual Asset Service Providers (AVASPs), which offer supporting services within the digital asset ecosystem, must now meet a ₦300 million capital threshold.
The revised rules also raise the bar for alternative investment fund managers. Private equity fund managers must now maintain a minimum capital base of ₦500 million, while venture capital fund managers are required to hold at least ₦200 million.
Market operators affected by the new capital requirements have until June 30, 2027, to achieve full compliance. The SEC warned that failure to meet the revised thresholds within the stipulated timeframe could result in regulatory sanctions, including suspension of operations or outright withdrawal of registration.
