The Securities and Exchange Commission has stated that the SEC is committed to enhancing financial inclusion in the country through technology.
Director General of the SEC, Mr. Lamido Yuguda stated this at the joint session of the Senate Committee on Banking, Insurance and other Financial Institutions, Capital Market and ICT and Cyber Crime in Abuja, Tuesday.
Yuguda said the SEC recognizes the disruption of FinTech in the financial industry and aims to create an enabling regulatory environment that would ensure a balance between investor protection and technological advancement.
He said, “We believe that FinTech would not only bring about efficiency to the capital market but would also serve as a veritable tool for advancing Nigeria’s Financial Inclusion agenda.
“However, there is a need to develop an appropriate regulatory framework to ensure the safety of innovation to investors and preserve market integrity.
The SEC boss said to develop an appropriate regulatory framework, regulators need to understand the crypto asset space to be better positioned to address identified risks.
He said the SEC would advance efforts towards developing a comprehensive regulatory framework that ensures that operators in the crypto asset space conduct their activities in a manner that protects investors and maintains financial system stability.