The Department For International Development, (DFID), Financial Conduct Authority (FCA) and the Securities and Exchange Commission (SEC) have agreed to collaborate to develope the Fintech space in Nigeria.
Speaking when she received officials of both organisations in Abuja weekend, Acting Director General of SEC, Ms. Mary Uduk, said the SEC was enthusiastic about the collaboration as it would encourage responsible use of new technologies and digital finance in the capital market, influence increased international participation and cooperation, and also provide investors with more choices in the Nigerian Capital Market.
She said the SEC is looking to adopt regulatory and supervisory practices for orderly development and stability of Fintech, as the Commission will pay close attention to sustaining confidence and safeguarding the integrity of the market.
“In this way, our policies will facilitate the safe entry of new products, activities and intermediaries. In addition, we will ensure that regulation does not stand in the way of innovation”. She said While it is clear that Fintech has already made huge inroads into many aspects of the financial industry, what is perhaps even clearer is that the surface has barely been scratched in relation to what Fintech can do for us in the future.
According to her “The awareness of customers that their data might be prone to cyber-attacks could make them lose trust in digital channels until strong consumer protection frameworks are in place. These frameworks for digital financial services will be critical in building confidence for consumers.