SEC Commitment to Transparent and Fair Fintech Regulation
Securities and Exchange Commission (SEC) is committed to ensuring openness and fairness in the world of fintech regulation. SEC’s director-general, Dr. Emomotimi Agama, recently met with applicants for Regulatory Incubation and Accelerated Regulatory Incubation Programmes to discuss the process, emphasizing that all applicants are being treated equally. In a meeting with journalists in Lagos, Mr. Agama acknowledged the importance of regulation, highlighting the intricate nature of the registration process as a key aspect of regulatory oversight.
He stressed that registration involves more than just signing up—it also requires ongoing monitoring, education, and surveillance to ensure compliance. Stakeholder feedback is essential, and the commission is working to incorporate valid input to create an inclusive regulatory framework.
The goal is to expand regulations in the fintech space to accommodate a wider range of individuals, institutions, and functions, ultimately positioning Nigeria as a leader in fintech regulation. Mr. Agama acknowledged the challenges of ensuring that all applicants meet the necessary requirements, but SEC is dedicated to providing clarity and guidance throughout the process.
Looking ahead, SEC is focused on improving efficiency and transparency in regulatory procedures, with a new law in the pipeline awaiting presidential assent. This legislation aims to provide comprehensive regulatory guidance and protection for operators in the fintech space. By prioritizing fairness and investor protection, SEC is working to uphold international best practices and promote the growth of the fintech ecosystem in Nigeria.
