The Securities and Exchange Commission (SEC) has announced plans to roll out regulations to guide Nigeria’s financial technology (fintech) sector by 2025.
Emomotimi Agama, director-general (DG) of SEC, in a notice
on Monday, said the commission is committed to ensuring transparency and
integrity in regulating the sector.
Agama said the SEC has established an equitable environment
for all applicants operating in the fintech sector, noting that the goal is for
Nigeria to become a standout leader in the regulation of the space.
According to the DG, a new law designed to strengthen the
regulation of the sector is awaiting presidential assent.
”In the coming year, we will move faster in delivery and
announcements having learnt from this process,” the DG said.
”A new law has been passed and is in the process of obtaining
the Presidential assent.
”That law is replete with all of the ingredients legally
required to properly regulate this space and give guidance to operators.
”All of these are efforts by SEC to be as friendly as
possible, protect the interest of the ecosystem and the interest of investors.
”Beyond any doubt, this space is the future and for us as
Nigerians and we have embraced it.”
Agama acknowledged the technical complexity of the fintech
registration process, stating that registration is a cornerstone of effective
regulation.
He explained that the process involves ongoing monitoring,
education, and surveillance to ensure compliance and growth.
”This journey is a new one that we have not gone through
before,” he said.
”As we continue, we will find challenges which we need to
solve because every challenge is solvable.”
On October 8, the SEC said it will enforce regulations in
the fintech ecosystem to curb mismanagement of funds and align operators with
existing rules.
Agama said a regulatory environment that is conducive for
the innovative use of technology is essential in the drive to transform
Nigeria.
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