The Capital Market Committee (CMC) of the Securities and Exchange Commission (SEC) has inaugurated a market wide FinTech Committee to come up with a FinTech Roadmap for the Nigerian Capital Market.
Speaking during the inauguration at the third quarterly meeting of CMC in Lagos yesterday, the acting Director General of SEC, Mary Uduk, expressed the need for the Nigerian capital market to transit towards a technology-driven one as is obtainable in other economies.
Uduk who pointed out that the commission was interested in investments that Nigerians were making, especially with the advent of digitalisation, enjoined the committee to come up with guidelines on the direction the market needs to go on FinTech.
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“If we will regulate and operate in this market and understand what is happening we need to understand the rudiments of FinTech. Very soon the whole world will move to technology for regulation. Other jurisdictions have already gone far into it with some of them already amending their rules in that direction.
“The International Organization of Securities Commissions (IOSCO) is on it and there is a lot on it already all over the world and we can’t be left behind. We are very much interested in some of the most active areas of Fintech innovation like block-chain technology, crypto-currencies and how they affect investors”, Uduk said.
She explained that as the regulator of the capital market, it was the responsibility of the SEC to find out how such investments were being deployed and if they meet set standards because when investors lose money they will come back to the SEC.
According to the SEC boss, the commission is seeking to understand what FinTech is all about to enable the Commission regulate the market properly.
While alluding to the growing influence of Fintechs in the capital market, Uduk urged investors to take advantage of Fintech offerings in moving the capital market forward. She equally emphasized the focus of the Commission on capacity building, knowledge sharing, advocacy and collaboration with relevant organisations.