By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has submitted that it would be impossible for Nigeria to achieve the 95 per cent financial inclusion target if an enabling environment is not created.
According to him, financial inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services, which he said must meet the needs of individuals and businesses and must be delivered sustainably and responsibly.
Speaking at the inaugural conference of Oriental News Nigeria held in Lagos with the theme, Engaging with critical groups to develop effective financial inclusion initiatives, the SEC boss reiterated the commitment of the agency to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the federal government.
Mr Yuguda, who was represented at the event by the Head Financial Inclusion Division, Market Development Department at SEC, Sa’adatu Faruk, stated that the commission was committed to ensuring that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.
“Achieving financial inclusion involves the coming together of multiple stakeholders, from the federal government, policymakers, and regulators to private industries, including employers, educational systems, communities and individuals. There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.
“In order to reach the 95 per cent financial inclusion target, we must first and foremost recognise the imperative for prioritising financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion,” he stated.
The DG assured that with the help of the fast-growing fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.
Mr Yuguda disclosed that the commission has created new standards and rules for the registration and operations of fintech firms in the market to ensure compliance with global standards and adequate protection of investments.
He reassured that the licenced fintech companies will further speed up the financial inclusion policy of the federal government, as well as ensure adequate protection for their financial/ investment transactions, noting that SEC will continue to partner with the Central Bank of Nigeria (CBN) and other stakeholders to initiative awareness and literacy programmes.
“Some efforts the commission is making in this regard is the issuance of non-interest instruments to increase the availability of affordable and acceptable products for investing public, the introduction of direct cash settlement to enhance payment process to investors, the introduction of e-dividend to reduce unclaimed dividend and increase investor confidence as well as the infusion of capital market studies into basic senior and secondary school’s curriculum among others,” he added.
