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The Securities and Exchange Commission (SEC) has announced plans to introduce comprehensive regulations for the country’s fintech sector by 2025. In a statement issued in Abuja on Monday, SEC’s Director-General, Dr. Emomotimi Agama, emphasized the commission’s dedication to fostering transparency and integrity within the rapidly evolving space.
Dr. Agama highlighted SEC’s efforts to establish a level playing field for all participants in the fintech industry, ensuring fairness and equal opportunities. “We are working to position the country as a leader in fintech regulation. Our aim is to stand out in the global fintech landscape by implementing robust and forward-thinking regulatory frameworks,” he stated.
According to Agama, the coming year will mark a significant acceleration in the commission’s delivery of regulatory updates and announcements. He disclosed that a new law addressing the fintech sector had been passed and is currently awaiting Presidential assent.
“This law contains all the necessary legal provisions to effectively regulate the fintech industry and provide clear guidance to operators. It reflects SEC’s commitment to fostering a supportive environment that protects both the ecosystem and investors,” Agama explained. He further noted that fintech represents the future of the financial sector, adding, “As Nigerians, we have fully embraced this innovation.”
Agama also acknowledged the technical complexities involved in regulating the fintech space, emphasizing that registration remains a cornerstone of effective oversight. “The registration process involves continuous monitoring, education, and surveillance. It’s a dynamic journey, and while challenges are inevitable, they are all solvable,” he said.
The SEC’s proactive measures aim to strengthen confidence in the fintech ecosystem while ensuring its sustainable growth. Agama reiterated that the commission is committed to balancing innovation with regulatory safeguards, setting a benchmark for regulatory excellence in the region.
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