Nigeria: SEC begins fully digital registration process for Nigeria’s capital market

The Securities and Exchange Commission (SEC) has commenced the rollout of a fully electronic registration process for capital market operators, allowing designated regulatory services to be completed online as part of efforts to modernise Nigeria’s capital market and strengthen regulatory efficiency.

The Commission said in a statement released on Wednesday that the new electronic registration platform, introduced through its ePortal, represents a further milestone in its digital transformation programme and supports its objective of developing a technology-driven regulatory ecosystem.

Under the new system, Capital Market Operators (CMOs) can complete designated registration processes electronically, including submitting applications, undergoing regulatory review, receiving approvals and communicating decisions. The SEC said the services covered under the current phase will no longer require manual processing.

The regulator expects the electronic system to simplify interactions between market operators and the Commission, reduce administrative bottlenecks, shorten processing timelines and give applicants greater visibility into the progress of their applications.

The migration to a digital registration process is also expected to strengthen regulatory oversight through standardised compliance workflows, electronic documentation, secure digital records and improved audit trails.

“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission stated.

According to the SEC, the e-Registration platform forms part of its broader strategy to use technology to improve market efficiency, enhance the ease of doing business and provide more effective services to stakeholders across the capital market.

Beyond reducing administrative burdens, the Commission said digital registration would improve the integrity of regulatory processes by limiting delays linked to paper-based documentation and enhancing the quality and accessibility of regulatory data used for decision-making.

The platform is also expected to provide a stronger foundation for regulatory analytics and future RegTech innovations designed to improve oversight and compliance monitoring across Nigeria’s capital market.

SEC adopts phased approach to digital registration

Despite the launch of the electronic system, the SEC said implementation will take place in phases to support a smooth transition for market participants while preserving the stability and integrity of regulatory processes.

The Commission clarified that the current phase applies only to post-registration services for existing market operators. Applications from new entrants seeking initial registration with the Nigerian capital market are not yet covered under the electronic process.

The SEC said the commencement of electronic processing for new registration applications will be communicated to stakeholders at a later date.

The regulator urged capital market operators to familiarise themselves with the new platform and comply with the timelines and procedures associated with the transition to electronic processing.

The initiative is part of the SEC’s wider modernisation agenda aimed at improving regulatory efficiency, strengthening market infrastructure, enhancing transparency and supporting the continued growth and resilience of Nigeria’s capital market.

By digitising regulatory workflows, the Commission is also seeking to strengthen regulatory compliance, improve regulatory reporting and create a more transparent and data-driven environment for market supervision.

The development underscores the increasing role of compliance technology and regulatory technology solutions in helping financial regulators streamline regulatory processes while improving oversight and strengthening investor confidence in an increasingly digital capital market.