Rwanda and Nigeria signed a cooperation agreement to combat digital asset fraud across their capital markets. The pact between the Capital Markets Authority of Rwanda and the Securities and Exchange Commission of Nigeria addresses the rise in fraudulent digital asset schemes across Africa. Nigeria hosts one of the continent's largest cryptocurrency markets, estimated at approximately $92 billion, and has been actively refining its approach to digital asset supervision.
Rwanda and Nigeria Sign Digital Asset Cooperation Agreement
The agreement extends beyond traditional capital markets to include the oversight and development of digital asset frameworks. Officials said the move reflects a growing regional consensus on the need to regulate virtual assets in response to the rapid expansion of cryptocurrency markets and a critical gap in investor education.
The new cooperation framework is seen as enhancing policy alignment, regulatory exchange, and cross-border coordination between the two jurisdictions.
CBEX Collapse Triggers Hundreds of Millions in Losses
The rapid adoption of cryptocurrency in Nigeria has made the country a prime target for sophisticated cryptocurrency fraud. In 2025, the collapse of a prominent digital asset scheme known as CBEX resulted in hundreds of millions of dollars in losses, sparking public anger and street protests in Nigeria after investors were locked out of their accounts.
Industry experts note that such fraudulent platforms frequently mimic legitimate financial institutions to exploit information gaps among new users, who often evaluate platforms based on high profit promises rather than regulatory compliance.
Rwanda and Nigeria Advance Digital Asset Regulatory Frameworks
Rwanda recently passed the Virtual Assets Business Bill, which formally empowered its Capital Markets Authority to regulate cryptocurrency activities. Rwanda is currently building its own regulatory ecosystem as part of broader efforts to modernize its financial sector and attract innovation in fintech and blockchain technologies, while attempting to avoid the systemic fraud seen elsewhere on the continent.
Nigeria's Securities and Exchange Commission has continued to advance its digital asset regulatory framework under the country's Investments and Securities Act 2025. Both nations are positioning themselves as regulatory leaders in Africa's evolving virtual asset landscape.
Nigeria Expands Cross-Border Financial Alliances Across Africa
The pact expands Nigeria's cross-border financial alliance that already includes Ghana, Egypt, and South Africa. Several African nations have reportedly entered into similar regulatory cooperation agreements with Nigeria in recent years to build a unified defense against borderless financial crimes in the digital asset space.
FAQ
What did Rwanda and Nigeria agree to in their cooperation pact?
Rwanda and Nigeria signed a cooperation agreement between the Capital Markets Authority of Rwanda and the Securities and Exchange Commission of Nigeria to deepen collaboration across capital markets and digital assets, including the oversight and development of digital asset frameworks.
What happened during the CBEX collapse in Nigeria?
In 2025, the collapse of a prominent digital asset scheme known as CBEX resulted in hundreds of millions of dollars in losses, sparking public anger and street protests in Nigeria after investors were locked out of their accounts.
How large is Nigeria's cryptocurrency market?
Nigeria hosts one of the continent's largest cryptocurrency markets, estimated at approximately $92 billion.
