The Securities and Exchange Commission (SEC) and the Fintech Association of Nigeria has announced partnership aimed at transforming the Nigerian capital market with financial technology solutions.
The Fintech Association of Nigeria is an umbrella body that brings together the various organisations in the financial technology space in Nigeria. Its goal is to be a forum for the exchange of ideas and dissemination of information by and between various stakeholders in the Nigerian financial services industry.
In a statement made available to BusinessDay, the Fintech Association of Nigeria disclosed that its partnership with SEC will bring transformation in Nigeria’s capital market as players are exposed to first hand taste of best practices across the globe.
“Development of appropriate technology roadmap for the capital market, collaboration and partnership with the appropriate association like FintechNGR as well as appropriate regulation for startup innovation in the market is vital to the market’s response to the fourth industrial revolution demands,” Segun Aina, president of FintechNGR said during a courtesy visit to the acting director general of SEC, Mary Uduak.
The association noted that with technology evolving so rapidly and changing the business landscape, regulators must be very proactive in harnessing the benefits of innovation.
Ade Bajomo vice president of FintechNGR added that commission needs to take advantage of tech solutions. It can achieve this through active participation in capital market related groups and knowledge events and investments in crowdfunding to drive the market in the right direction.
“It is high time regulators and players in the sector embrace fintech,” Mary Uduak said. “I believe that the blend of membership of the Fintech Association of Nigeria will help the regulators including the SEC in human capacity building in technology, thus preparing all players with the essential knowledge of the basic regulators requirements of capital market technology innovation.”
The partnership between the two bodies will also help the SEC address threat management in the capital market by looking at gaps between regulation and the market.
