The Securities and Exchange Commission has announced plans to implement global-ready fintech regulations to ensure Nigeria’s fintech sector aligns with international standards.
According to a statement made available to our correspondent on Tuesday, the SEC Director-General, Emomotimi Agama, made these statements during a meeting with participants in the Regulatory Incubation and Accelerated Regulatory Incubation Programme.
Agama acknowledged the anxiety around regulation but stressed the importance of careful consideration as the Commission strives to be inclusive.
“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,” Agama explained.
He also highlighted that the SEC has issued new regulations, including an exposure document, inviting feedback from stakeholders before the regulations are finalised. This approach ensures that the rules are inclusive and reflect input from all relevant parties.
Agama stated that the Commission has expanded its regulatory framework to accommodate more individuals, institutions, and functions within the fintech ecosystem. He emphasised the importance of fostering a regulatory environment to position Nigeria as a global leader in fintech innovation.
He also reassured that while not all applicants will meet the requirements for registration, the SEC is committed to providing clarity and fairness throughout the process.
He encouraged collaboration among participants to build a strong, sustainable fintech ecosystem.
Looking ahead, Agama revealed that a new law aimed at strengthening fintech regulation is expected to receive presidential assent soon. This law, he noted, will address all necessary legal requirements for properly regulating the sector and guiding operators.
