The Securities and Exchange Commission (SEC) has reaffirmed its commitment to the protection of investors and their funds, following the rise in the use of fintech.
This was confirmed in a statement by Dr. Emomotimi Agama, the Director-General of SEC, at a one-day capacity training for financial journalists in Abuja.
He further stated that creating a conducive environment is essential for leveraging innovative technology to transform Nigeria.
Also, he stated that it is high time for fintech operators to adhere to the rules and regulations of the capital market, particularly in aspects of fundraising.
The Director of the Registration, Exchanges, and Market Infrastructure Department of the Commission, Hasfat Rufai, during his speech at the panel discussion of the event, said that despite new disruptions, the SEC will continue to ensure investors do not lose their investments.
“While these trends bring new opportunities, they also come with challenges, particularly around regulation and investor protection,” he said.
He also added that the digital age offers numerous opportunities, urging investors to act quickly to maximize them.
“The digital age has transformed the investment landscape, offering greater accessibility, innovation, and opportunity. Investors must adapt to this evolving environment by embracing technology, seeking knowledge, and making responsible investment choices.”
“The future of investment in Nigeria will likely be driven by the continued rise of technology, young investors, and evolving financial products,” he concluded.
Abdulraham Abubakar, in his contribution on the topic “Commodities Market as an Alternative Investment—Leveraging Fintech,” reiterated the need to leverage fintech, as it has played a significant role in increasing the standardization of Nigeria’s commodity market.
According to him, the integration of fintech in the industry has greatly facilitated the electronic linking of storage facilities with exchanges, enhanced market transparency, and improved operational efficiency.
He also noted that the SEC has kept its promises to ensure regulatory oversight in the sector.
He concluded that the organization is moving to strengthen its oversight of the financial market. To this end, the SEC has enlisted the Toronto Centre’s expertise to improve its Risk-Based Supervision regime.
The initiative aims to enhance the Commission’s ability to supervise market infrastructure and operators effectively.
