Uche Usim, Abuja
The need for urgent embrace of technology to take the nation’s capital market to the next level has been reinforced by the Acting Director General of the Securities and Exchange Commission (SEC), Mary Uduk, who said the government will invest approximately to make Nigeria more globally competitive.
According to her, SEC as the apex regulator of the Nigerian capital market has remained at the forefront of encouraging the introduction of technology in the market as the gains therein were many.
She said: “We know that technology is driving a lot of things in the financial system at the moment. For instance, in the banking system, technology is driving the payment system. Even with phones people can buy, make payments and even obtain loans, among others. We have seen that there is a lot of innovation and cost reduction in the money market due to technology, and we also want to do the same in the capital market.
“To this end, the Capital Market Committee has set up a Road Map Committee to come up with a guide for the capital market to enable us also leverage on technology to do business and reduce cost,” she explained.
The Acting DG further disclosed that the commission already has a division dedicated to Fintech that will help look at all the technologies that relate to the capital market surrounding ICOs, among others. She said that in the capital market, technology has assisted in improvement of processes like the use of blockchain to enhance settlement, and the use of technology to drive the platforms through which people are now able to come in to invest.
“Innovations in financial technology have made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services,” she said.
“A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create a million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective” she added