SEC Plans Fintech Guideline for Nigerian Capital Market

August 11, 2018
SEC Plans Fintech Guideline for Nigerian Capital Market

By Dipo Olowookere

Acting Director-General of the Securities and Exchange Commission (SEC) in Nigeria, Ms Mary Uduk, has disclosed that plans are underway to come up with a framework for financial technology (fintech) for the nation’s capital market.

The SEC chief made this disclosure on Friday while addressing newsmen on outcome of the two-day quarterly Capital Market Committee (CMC) meeting held in Lagos.

Business Post reports that the meeting was well attended by stakeholders in the market, including Chairman of the House of Representatives Committee on Capital Market and Institutions, Mr Tajudeen Yusuf, amongst others.

The event, according to Ms Uduk, featured presentations by various Market Technical Committees, Self-Regulatory Organizations (SROs) and other stakeholders.

Speaking with reporters after the meeting, the acting SEC DG said participants agreed to set up a committee to come up with the fintech guideline for the industry.

“As you know, fintech is the next thing in the financial sector and we should not be caught napping; that is why we also want to key into it,” Ms Uduk said.

She explained that the committee will have inputs from the various segments of the capital market so as to make it robust.

In a related development, Ms Uduk said the committee agreed that in addition to the physical delivery of Annual Reports and Accounts, the existing pilot exercise of electronic distribution by Public Companies should continue, while efforts are made to enlighten shareholders and obtain their relevant e-mail addresses.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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