The Securities and Exchange Commission (SEC) has reiterated its commitment to implementing global best practices in regulating Nigeria’s burgeoning fintech industry, emphasizing transparency, fairness, and inclusivity in its processes.
During a meeting with participants of the Regulatory Incubation and Accelerated Regulatory Incubation Programs, SEC Director General Dr. Emomotimi Agama outlined the Commission’s efforts to establish a robust regulatory framework. He assured stakeholders of a level playing field, noting that the regulation process goes beyond mere registration to include continuous monitoring, education, and surveillance.
“We are building a system that aligns with global standards to ensure the safety of investors and the sustainability of the fintech ecosystem,” Agama stated.
He acknowledged the complexities involved in regulating a rapidly evolving sector but maintained that every challenge is solvable.
The Commission has recently released an upgraded set of regulations for public review, inviting stakeholders to provide input to ensure inclusivity and effectiveness. Agama stressed that the SEC values collaboration and feedback, noting that stakeholder contributions are essential to refining the regulatory framework.
Highlighting the international implications, Agama disclosed that the SEC is working closely with global organizations such as the International Organization of Securities Commissions (IOSCO) and the Financial Action Task Force (FATF) to align Nigeria’s fintech regulations with global standards.
To accommodate the industry’s rapid growth, the SEC has expanded its regulatory scope, introducing more tailored guidelines to cater to various fintech operations. Agama also revealed plans for faster regulatory approvals in 2024, supported by a new fintech law awaiting Presidential assent.
“We aim to position Nigeria as a leader in fintech regulation,” Agama said. “With over 70% of our population actively engaged in this space, we have a responsibility to build an ecosystem that attracts international partners and benefits the nation.”
He admitted that not all applicants might meet the stringent regulatory requirements but assured that the SEC would provide clarity and guidance to assist stakeholders.
Agama called for cooperation from all stakeholders, emphasizing the need to build a transparent and formidable ecosystem that safeguards Nigeria’s sovereignty while unlocking its fintech potential.
“With your collaboration, we can create a system that not only protects investors but also makes Nigeria a global darling in fintech innovation,” he concluded.