In a bid to further the development of Nigeria’s financial technology sphere, Securities and Exchange Commission unveiled its plans to seal a partnership with the Department for International Development (DFID).
The Senior Adviser, UK DFID, Mr Richard Sandall stated:
We are in Nigeria to look at the fintech environment, regulatory environment and see if there are ways the fintech environment can be built.
Mrs. Ebelo, Corporate Communications Head (SEC), says the SEC partnership with DFID was finalized after a meeting between the officials of DFID and the Director-General of SEC. The D.G welcomed the idea, seeing the huge opportunities it heralds for technology use.
The Director-General believes the partnership to fast-track the promotion of digital finance, further international participation, cooperation and attracts investors.
A report from the SEC boss reveals the commission’s creed to maintain and prosperity of the integrity of the market.
In this way, our policies will facilitate the safe entry of new products, activities and intermediaries. In addition, we will ensure that regulation does not stand in the way of innovation.
We have come up with ways to monitor the risks that may come up. We are building capacity to train young people that will be able to drive the process.
We hope that this year will be a turning point. We are trying to gather as much information as we can to be able to contextualize and synthesize regulation in the country.
Young people are beginning to get interested in investment and they are doing this via fintech and that is why we are doing all that we can to develop rules around it so that the risks will be mitigated.
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