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The Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensuring transparency and integrity in regulating the country’s fintech sector. During a meeting with applicants from the Regulatory Incubation and Accelerated Regulatory Incubation Programmes, SEC’s Director-General, Dr. Emomotimi Agama, highlighted the commission’s efforts to create a fair and inclusive regulatory environment.
Dr. Agama emphasized the importance of providing a level playing field for all applicants in the fintech ecosystem, acknowledging the anxiety among stakeholders about the need for effective regulation. While SEC is determined to be inclusive, he noted that the process requires caution to ensure thoroughness and precision.
“Registration is the cornerstone of regulation. It goes beyond onboarding and requires continuous monitoring, education, and surveillance,” Agama stated. He reiterated that the technical complexity of the registration process reflects the commission’s dedication to maintaining high regulatory standards.
The Director-General also stressed the value of stakeholder input in shaping fintech regulations. “Rules will be amended to incorporate valid points from stakeholders, ensuring an all-inclusive regulatory framework,” he said. In response to the evolving fintech landscape, SEC has expanded its regulatory scope to include more individuals, institutions, and functions.
Dr. Agama outlined SEC’s goal of positioning Nigeria as a leader in fintech regulation, stating, “We aim to ensure that, as a country, we stand out in regulating this space. Fintech is undoubtedly the future, and as Nigerians, we have embraced it.”
Addressing concerns about the pace of regulatory processes, Agama clarified that SEC’s deliberate approach ensures that all measures are fair and comprehensive. “Not all applicants may meet the requirements, but we are committed to providing clarity on complex areas to support stakeholders through the process,” he explained.
Looking ahead, Agama revealed plans for accelerated regulatory actions in the coming year. He disclosed that a new fintech law, currently awaiting Presidential assent, will provide the legal framework necessary to effectively govern the sector. “This law includes all the legal provisions required to guide operators and protect both the ecosystem and investors,” he noted.
Dr. Agama assured stakeholders that every application received by the commission is thoroughly reviewed to align with international best practices and Nigeria’s national interests. “These efforts are geared towards fostering a friendly regulatory environment that safeguards the interests of all participants while ensuring sustainable growth,” he concluded.
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