By Oke Umurhohwo, Head of Marketing, Zap Africa
In a landmark development that marks a turning point for digital finance across the continent, Nigeria has formally recognised cryptocurrencies and virtual assets as securities under the newly signed Investments and Securities Act (ISA) 2024. This singular move by the Federal Government and the enhanced oversight it places under the Securities and Exchange Commission (SEC) is more than just a legal milestone. It is a signal to the world that Africa’s largest economy is ready to embrace a transparent, innovation driven digital asset ecosystem.
At Zap Africa, we see this development as a crucial inflection point, one that opens the door to stronger investor confidence, sustainable innovation and ultimately, broader financial inclusion.
Historically, the crypto ecosystem in Nigeria and across much of the continent has thrived in the absence of formal policy direction. While innovation has flourished, it has also faced considerable headwinds from lack of clarity to abrupt regulatory pushbacks. By explicitly classifying digital assets as securities, the ISA 2024 brings the much-needed structure that enables operators, users and investors to engage with confidence. It eliminates ambiguity, enables accountability and sends a clear message that Nigeria is open for compliant digital business.
This clarity is particularly critical in attracting institutional participation. From global venture capital firms to pan-African financial institutions, investors now have a legal framework they can assess, trust, and build within.
Africa is one of the fastest-growing regions for crypto adoption globally, not due to speculation, but driven by practical needs; cross-border transactions, savings hedged against inflation and access to capital markets that remain elusive for millions.
Nigeria’s stance sets a precedent that other African governments and regulators will likely study and in time, emulate. What we are witnessing is the potential beginning of a harmonised, Pan-African regulatory approach to digital assets, one that balances innovation with consumer protection.
At Zap, we believe the future of finance must be built on trust, security and inclusion. From day one, our operations have been designed to align with global best practices on compliance, user verification (KYC), and data integrity. The new regulatory environment only strengthens our resolve.
As we prepare to launch our Zap Wallet, this framework empowers us to deliver even more value through safe, simple and compliant financial tools that empower everyday Africans to save, transact and grow their wealth within a regulated environment.
The SEC’s recognition of digital assets is a win for crypto companies. It is also a win for users, investors and the broader capital market. It means fraudsters can be held accountable. It means clearer tax and legal obligations and it creates a level playing field where responsible innovation can thrive. We recognise that this also brings greater responsibility. Regulation comes with scrutiny and rightly so. But it also presents a chance to redefine the narrative, from one of risk and volatility, to one of stability, progress and trust.
This is just the beginning. With the right frameworks and collaboration, Nigeria and indeed Africa can lead the next chapter of global fintech innovation.
At Zap Africa, we are proud to be part of that story.
Oke Umurhohwo is a marketing and communications expert with over a decade of experience building consumer-facing brands across Africa. He is the Head of Marketing at Zap Africa, a leading digital finance platform focused on creating secure and seamless crypto-powered experiences for the African market.
