The director-general of Securities & Exchange Commission (SEC), Mr. Lamido Yuguda has emphasised the need to embrace financial technology(fintech), especially, to further deepen the capital market and attract more young people to the market.
He stated this during the Supernews Nigeria Fintech Conference held in Ikeja, Lagos yesterday.
Yuguda, who was represented by the director, Registration, Exchanges, market Infrastructure and Innovation, SEC, Mr. Abdulkadir Abbas, stressed that, fintech is a game changer in deepening the capital market and enhancing financial inclusion.
He said, the theme ‘Imperative of Fintech in Promoting Financial Inclusion in Nigeria’ is very important to the capital market as transformation in the sector is incomplete without fintech.
Abbas said: “we can see a kind of game changer and rapid transformation in the financial sector due to fintech. It is a building block for enhancing financial inclusion.
“Traditional means can no longer work, the average age of investors in the capital market is 45-50 years and we are currently trying to attract the millennials to the market and this can be achieved with the aid of fintech.
“We are exploring ways to leverage on fintech to bring on the young people to the market. The capital market sees fintech as an opportunity and that is one of the ways we intend to change the dynamics of the capital market.”
Abbas stated that, it was in view of the importance of fintech that the capital market initiated the fintech roadmap which enabled SEC to come up with innovations and rules to support the initiative.
According to him, “we need innovation to deepen and broaden the market and we had to come up with rules to support it like the rules on crowdfunding among others.
He however expressed the need to strike a balance between investor protection and innovation adding that financial inclusion cannot be achieved with it a good strategy for financial literacy.”
Abbas expressed the readiness of SEC to collaborate with other regulators and stakeholders in the quest to attract more investors to the capital market and grow the economy.
Earlier, the publisher/CEO of Supernews Nigeria, Mrs Ngozi Onyeakusi said, the conference centres on Fintech and Financial Inclusion which holds a great potential for the Nigerian economy and for the financial stability of the country.
She said the emergence of COVID-19 no doubt projected the need for adoption of fintech in daily activities and businesses but not without its attendant challenges.
Onyeakusi said the choice of the theme was aimed at contributing its quota to the financial inclusion target of the federal government.
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