How to Get a SEC VASP License in Nigeria (2026 Complete Guide)

What is a VASP License?

A Virtual Asset Service Provider (VASP) licence is a registration issued by the Securities and Exchange Commission (SEC) Nigeria that authorises businesses to legally offer crypto and blockchain-related financial services to Nigerian customers.

Under the SEC Digital Assets and Regulatory Exchange (DARE) Rules 2022, any business that exchanges, transfers, safeguards, administers, or manages virtual assets in Nigeria must register as a VASP before operating.

Who needs a VASP licence?

Cryptocurrency exchanges (buying/selling Bitcoin, USDT, Ethereum etc.)

Crypto custodians (holding private keys on behalf of users)

P2P trading platforms

Token issuers (ICOs, STOs, utility tokens)

Crypto portfolio managers and brokers

DeFi platforms with Nigerian users

NFT marketplaces handling significant transaction volumes

If your business falls into any of these categories and you serve Nigerian users, you need to register.

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Minimum Requirements

Before you can even apply, you must meet these minimum requirements:

Capital requirements:

Crypto exchanges: minimum ₦500 million paid-up capital

All other VASPs: minimum ₦150 million paid-up capital

This is not optional. SEC will verify your capital through bank statements before processing your application.

Mandatory appointments:

A qualified Compliance Officer (minimum 3 years AML/CFT experience)

A Money Laundering Reporting Officer (MLRO)

A technically qualified Chief Technology Officer

Corporate requirements:

Must be incorporated as a Limited Liability Company with the Corporate Affairs Commission (CAC)

Must have a registered Nigerian office address

Must maintain a corporate bank account at a Nigerian commercial bank

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The VASP Registration Process: 13 Steps

Step 1: CAC Incorporation (2–4 weeks)

Register your company with the Corporate Affairs Commission. This is a prerequisite — SEC will not accept applications from unincorporated entities. Cost: approximately ₦50,000–₦100,000 depending on whether you use a lawyer.

Step 2: Open a Corporate Bank Account

Open a business account at a CBN-licensed commercial bank (GTBank, Access, Zenith, First Bank, UBA etc.). You will need your CAC Certificate of Incorporation and other documents.

Step 3: Meet the Minimum Capital Requirement

Deposit the required minimum capital (₦500M for exchanges, ₦150M for others) and obtain a formal letter from your bank confirming the balance.

Step 4: Appoint a Compliance Officer

Hire or designate a Compliance Officer with documented AML/CFT experience. Prepare their CV, professional qualifications, and a formal appointment letter.

Step 5: Develop Your AML/CFT Programme

Draft a comprehensive Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Policy Manual covering:

Customer Due Diligence (CDD) procedures

Enhanced Due Diligence (EDD) for high-risk customers

Suspicious Transaction Reporting (STR) procedures

Sanctions screening processes

Staff training programme

Record keeping policy (minimum 5 years)

Step 6: Commission a Technology Security Audit

Engage an SEC-approved technology auditor to conduct a cybersecurity audit of your platform. The audit must cover:

Data encryption and storage

Access controls and authentication

Business continuity and disaster recovery

Vulnerability assessments

Cybersecurity incident response plan

Step 7: Prepare Your Full Application Package

Compile all required documents (see full list below).

Step 8: Submit Application and Pay Application Fee

Submit your application package to SEC Nigeria. The non-refundable application fee is ₦300,000.

Step 9: SEC Review (60–90 Business Days)

SEC will review your application. This typically takes 3–4 months but can take longer if there are queries.

Step 10: Respond to SEC Queries

SEC may issue queries requesting additional information or clarification. Responding thoroughly and promptly can reduce the overall processing time by weeks.

Step 11: Receive Approval-in-Principle (AIP)

If your application meets all requirements, SEC issues an Approval-in-Principle. This is not a licence — it is a conditional approval.

Step 12: Meet AIP Conditions

The AIP will specify conditions you must meet before receiving the final licence, which may include additional capital deposits, system demonstrations, or further documentation.

Step 13: Receive Final Registration Certificate

Once all AIP conditions are met, SEC issues your VASP Registration Certificate. You are now legally authorised to operate.

Total estimated timeline: 6–12 months

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Documents Required for SEC VASP Application

CAC Certificate of Incorporation

Memorandum and Articles of Association

Board resolution authorising VASP activities

Bank statement confirming minimum capital

Audited financial statements (2 years if available)

5-year business plan and financial projections

AML/CFT Policy and Procedures Manual

KYC Customer Onboarding Procedures

Technology and Cybersecurity Policy

Data Protection and Privacy Policy

Technology Security Audit Report (from SEC-approved auditor)

Compliance Officer CV and professional qualifications

MLRO appointment letter and qualifications

Beneficial ownership disclosure (all shareholders above 5%)

Business continuity and disaster recovery plan

Consumer protection and complaint handling procedures

Detailed description of virtual assets to be offered/traded

Flow of funds diagram showing custody arrangements

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Common Reasons Applications Are Rejected

1.Insufficient capital evidence — bank letters that are unclear or dated more than 3 months

2.Unqualified Compliance Officer — less than 3 years verifiable AML experience

3.Incomplete AML/CFT Manual — generic templates not tailored to the specific business model

4.Technology audit by unapproved auditor — always verify SEC approval status

5.Missing beneficial ownership information — all shareholders above 5% must be disclosed

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Use RegBridge to Prepare

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