by Niyi Jacobs
The Securities and Exchange Commission (SEC) has reaffirmed its dedication to protecting investors amid the rapid growth of fintech in Nigeria. Speaking at a capacity-building workshop for financial journalists in Abuja, the SEC Director General, Dr. Emomotimi Agama, emphasized the Commission’s resolve to enforce regulations that safeguard funds and align fintech operators with capital market rules.
Agama highlighted the necessity of a robust regulatory framework to support the innovative use of technology in transforming Nigeria’s financial ecosystem. He stressed that fintech operators engaged in fundraising activities must adhere to established market regulations.
During a panel discussion, Hasfat Rufai, Director of Registration, Exchanges, and Market Infrastructure at the SEC, echoed these sentiments, assuring that the Commission remains committed to ensuring that investors do not lose their funds despite the disruptions caused by new technologies.
“While these trends bring opportunities, they also present challenges, particularly around regulation and investor protection,” Rufai noted. She acknowledged the role of digital platforms, global market access, and interest in cryptocurrencies in reshaping Nigeria’s investment environment.
Rufai urged investors to embrace technology, seek knowledge, and make responsible investment decisions to navigate the evolving digital investment landscape.
Abdulraham Abubakar, presenting on “Commodities Market as an Alternative Investment—Leveraging Fintech,” lauded fintech for its role in improving the commodities market. He noted that digital innovations have enhanced market standardization and connectivity between storage facilities and exchanges.
The SEC also revealed ongoing efforts to strengthen its Risk-Based Supervision (RBS) framework, with assistance from the Toronto Center. This initiative aims to enhance the Commission’s supervisory capabilities, particularly for market infrastructure and operators.
The SEC’s commitment underscores its proactive approach to adapting regulations and ensuring investor protection in Nigeria’s dynamic fintech-driven financial market.
