The head of Nigeria's Securities Commission (SEC) said on Thursday the establishment of a fintech division. This service of the Nigerian Securities Regulatory Authority aims at the study of investments and crypto products in order to come up with regulation.

Nigeria is one of the biggest markets for cryptocurrency exchanges, but the central bank banned lenders in February from making or facilitating cryptocurrency transactions. The use of bitcoin, the original and largest cryptocurrency, has exploded in Nigeria in recent years, spurred by payments from small businesses and the weakening of the naira currency, which makes it difficult to obtain needed US dollars. to import goods or services. The commission seeks to work with fintech companies to boost the marketing of domestic securities to prevent capital flight. This month, the central bank froze the accounts of six companies that allegedly sourced funds from illegal exchange dealers to buy foreign securities and cryptocurrencies. The SEC will step in with regulations once the crypto is allowed within the Nigerian banking system.