New Telegraph

Fintech: SEC to engage players on lawful operations

The Securities and Exchange Commission has said it will continue to engage players in the financial technology space and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation.

The Directir General of SEC, Mr. Lamido Yuguda, who stated this at a post-Capital Market Committee Meeting press briefing on Thursday, said a recent circular was issued by the Commission in its desire to ensure that only fit and proper persons continue to operate in the capital market. According to Yuguda, “it became imperative for the Commission to issue this notice for the protection of investors and to preserve the sanctity of the Nigerian capital market as only registered capital market operators are permitted to intermediate in the Nigerian capital market and only through approved channels.

“We do not want any unregulated entity to participate in the market because if there are issues, it becomes very difficult to resolve. “The Commission recognisees the impact of Fintech on capital market activities and wishes to assure the public that we remain accommodative of this development. We shall continue to engage players and support them to operate lawfully. “Our aim is to ensure the delivery of safe products and services without stifling innovation. I therefore encourage Fintech firms to approach the Commission for due registration and desist from operating illegally. “In the same vein, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such action would not be condoned

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