SEC’s Commitment to Enforce Fintech Regulations for Investor Protection
The Securities and Exchange Commission is prioritizing the protection of investors’ funds in light of the growing influence of fintech in Nigeria’s financial sector.
In a recent statement, the SEC Director-General, Dr. Emomotimi Agama, emphasized the importance of enforcing regulations within the fintech space to prevent fund mismanagement and ensure compliance with capital market rules, particularly regarding fundraising.
Dr. Agama highlighted the need for a regulatory environment that supports technological innovation, stressing the importance of fintech operators following established capital market rules. The SEC is dedicated to ensuring that investors do not lose their funds, even amidst disruptions caused by new technologies.
During a panel discussion at a capacity-building event for financial journalists in Abuja, Hasfat Rufai, the SEC’s Director of Registration, Exchanges, and Market Infrastructure, reassured attendees that the commission is committed to investor protection.
Rufai acknowledged the significant impact of digital platforms, cryptocurrencies, and fintech startups on the Nigerian investment landscape. She encouraged investors to embrace technology and make informed decisions in this digital age.
Abdulrahman Abubakar highlighted the role of fintech in standardizing Nigeria’s commodities market, pointing out how fintech integration has improved market transparency and operational efficiency.
The SEC is continuously improving its regulatory approach to keep pace with market dynamics. To enhance oversight, the SEC has enlisted the expertise of the Toronto Centre to strengthen its Risk-Based Supervision regime. This initiative aims to improve the Commission’s ability to effectively supervise market infrastructure and operators.
Overall, the SEC is focused on refining its supervisory capabilities to adapt to emerging market trends and innovations in fintech. Investors can rest assured that the SEC is committed to safeguarding their interests and ensuring a secure investment environment.
