Nigeria: SEC Launches Tech Adoption Survey to Drive Innovation in Nigeria’s Capital Market

The Securities and Exchange Commission (SEC) has rolled out a technology adoption assessment survey for registered Capital Market Operators (CMOs), reinforcing its commitment to fostering innovation, operational efficiency, and digital transformation within Nigeria’s capital market ecosystem.

In an official circular released on Wednesday, the SEC announced that the survey aims to evaluate the extent to which capital market stakeholders are leveraging advanced technologies to enhance service delivery, transparency, and market resilience.

“This technology adoption survey is designed by the Commission to assess the integration of emerging technologies among registered Capital Market Operators,” the circular noted.

All registered operators have been instructed to log into the SEC’s e-portal using their existing access credentials to complete the survey. The exercise is scheduled to run from May 5 to May 20, 2025, offering a two-week window for compliance.

Speaking on the Commission’s innovation-driven agenda, SEC Director-General Emomotimi Agama emphasized the need for stakeholders to embrace technology as a growth enabler. He reaffirmed the Commission’s stance on aligning regulation with digital trends to ensure investor protection, regulatory compliance, and enhanced capital market infrastructure.

“Technology is central to our vision for a resilient and efficient capital market,” Agama stated. “The SEC is fully aware of the rise of new financial products and services driven by tech innovation, and we are committed to evolving our regulatory approach to accommodate these changes.”

Agama outlined the Commission’s innovation strategy, which is anchored on three pillars:

• Investor protection

• Market deepening

• Technology-led problem-solving

These pillars, he said, serve as the foundation for building a modern and agile capital market.

A key element of this strategy is the Regulatory Incubation Programme, which allows fintech startups and innovators to operate in a controlled regulatory sandbox for up to one year. This initiative enables regulators to better understand new technologies and formulate appropriate rules while ensuring that market integrity and investor confidence are not compromised.

“Through our Regulatory Incubation Programme, we’re supporting fintech innovation while putting safeguards in place to protect investors and preserve the credibility of the market,” Agama added.

As the Commission advances its Regulatory Technology (RegTech) agenda, this survey marks a proactive step toward assessing the digital maturity of the market and enabling a more tech-savvy regulatory environment that aligns with global best practices.