SEC targets fintech growth with inclusive global standards  

The Securities and Exchange Commission (SEC) has unveiled plans to adopt globally aligned regulations for Nigeria’s burgeoning fintech sector, aiming to boost innovation and competitiveness while ensuring compliance with international standards.

Speaking during a meeting with participants in the Regulatory Incubation and Accelerated Regulatory Incubation Programme, SEC’s Director-General, Emomotimi Agama, emphasized the agency’s commitment to fostering inclusivity and collaboration in regulatory development.

Agama acknowledged industry concerns about the regulatory process but highlighted its comprehensive nature. “The process of registration is a technical one, as it goes beyond onboarding.

It involves monitoring, education, and continuous surveillance. While this is a new journey, we are confident that we can solve any challenges that arise,” he said.

To enhance transparency, the SEC has issued an exposure draft inviting feedback from stakeholders to refine the proposed regulations. Agama noted that this inclusive approach is designed to ensure the rules reflect diverse perspectives while expanding the Commission’s oversight framework to accommodate more players and functions within the fintech ecosystem.

In a bid to position Nigeria as a global fintech hub, Agama underscored the importance of creating a sustainable regulatory environment. While not all applicants may meet the required standards, he reassured stakeholders of the Commission’s dedication to fairness and clarity throughout the process.

He also revealed plans for a new law to enhance fintech regulation, which is awaiting presidential assent. The legislation, he explained, will address critical legal requirements and provide a robust framework to guide operators in the sector.

Agama called for increased collaboration among stakeholders, emphasizing that a unified effort is essential to building a thriving fintech industry that can compete on a global scale.

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