Securities and Exchange Commission (SEC)
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SEC: Digital platforms’ll aid financial inclusion

The Securities and Exchange Commission (SEC) has stated that it recognises the importance of digital platforms for democratising access to capital market products and services for greater financial inclusion in the market. This was stated by Director- General of SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner, Legal and Enforcement, Mr. Reginald Karawusa, at a webinar organised by the commission with the theme: “Digital platforms: New Frontier for Capital Market Inclusion.” Yuguda said: “As the apex regulator of the Nigerian capital market, with a dual mandate to regulate and develop the market, we recognise that the greatest asset of any capital market and indeed any financial market is its investors. “It is investors, whether retail or institutional, that provide the savings needed for productive investments.

Inclusion of the excluded population is therefore critical for deepening a sustainable capital market.” According to him, the Enhancing Finance in Africa (EFInA) 2020 Report on the Nigerian “FinTech Landscape and Impact Assessment Study,” said as at December 2018, about 40 per cent of Nigerians were still financially excluded. About 51.1 per cent of the excluded population are women, while 61.5 per cent are between the ages of 18 and 35 yesrs. Also, 34 per cent had no formal education and 80.4 per cent resided in rural areas. Yuguda said this meant that 40 per cent of Nigerians, who are financially excluded, especially those between the ages of 18 and 35 were also excluded from participation in the Nigerian capital market.

 

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