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The Securities and Exchange Commission (SEC) has unveiled plans to introduce global-ready fintech regulations to align Nigeria’s fintech sector with international standards.
In a statement released on Tuesday, SEC Director-General Emomotimi Agama shared these developments during a meeting with participants in the Regulatory Incubation and Accelerated Regulatory Incubation Programme. He acknowledged concerns around regulation but emphasized the importance of an inclusive and deliberate approach.
“The process of registration is a technical one that goes beyond onboarding. It involves monitoring, education, and continuous surveillance. While this is a new journey, we are confident in our ability to address any challenges that arise,” Agama stated.
Inclusive Regulatory Framework
Agama highlighted the Commission’s issuance of new regulations, including an exposure draft, to solicit stakeholder feedback before finalization. This inclusive approach ensures that the regulatory framework reflects the input of all relevant parties.
He noted that the SEC has broadened its regulatory scope to incorporate a wider range of individuals, institutions, and functions within the fintech ecosystem. This expansion aims to foster a regulatory environment that positions Nigeria as a global leader in fintech innovation.
Commitment to Clarity and Fairness
While recognizing that not all applicants will meet registration requirements, Agama reassured stakeholders of the SEC’s commitment to clarity and fairness throughout the process. He encouraged collaboration among participants to build a robust and sustainable fintech ecosystem.
Upcoming Legislative Support
Looking to the future, Agama revealed that a new law aimed at bolstering fintech regulation is expected to receive presidential assent soon. This legislation will address all necessary legal requirements for effectively regulating the sector and guiding its operators.
By implementing these measures, the SEC aims to create a regulatory landscape that supports innovation, ensures compliance, and enhances Nigeria’s standing in the global fintech arena.
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