In its desire to transition towards a technology driven-capital market as well as protect investors, the Securities and Exchange Commission (SEC) has said the Commission would soon come out with regulations that would guide such products in the capital market. This was disclosed by the acting director-general of SEC, Ms. Mary Uduk during the presentation of a lecture by the Vice President, FinTech Association of Nigeria, Mr. Ade Bajomo, titled ‘Market Impact of the FinTech Revolution” in Abuja, yesterday. Uduk, who also announced Bajomo as the chairman of the Capital Market Committee on Fintech Roadmap for Capital Markets in Nigeria, said as the apex regulator of the Nigerian Capital market, SEC is interested in investments that Nigerians are making especially with the advent of digitalisation.
“If we will regulate this market and understand what is happening we need our staff 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,” she said. Uduk recalled that during the last Capital Market Committee meeting in Lagos, the Committee agreed to set CMC to set up a Committee to draw a Fintech Adoption roadmap for the Capital Market.
She also stated the need for the Capital Market to take advantage of the 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 entities. According to her, “the Capital Market needs to create an enabling environment that is attractive enough for Fintechs to innovate as the Market should engage actively with the new trend in technology and provide the adequate regulatory framework for proper adoption of suitable technology and that is one of the reasons why we have invited FinTech here today for this presentation.” In their presentation, Executive Director Information Technology and Operations of Access Bank as well as Deputy President of FinTech Association of Nigeria (FinTechNGR) Mr. Ade Bajomo expressed the need for regulators to understand what FinTech is all about as that is where the world is moving to now.
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