SEC restates commitment to financial inclusion drive

By Abubakar Yunusa

The Securities and Exchange Commission (SEC), has reiterated its commitment to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government.

Director General of the Securities and Exchange Commission (SEC) Lamido Yuguda who stated this at the inaugural conference of Oriental News Nigeria with theme “Engaging with critical groups to develop effective financial inclusion initiative” which held in Lagos, assured that the Commission is committed to ensuring that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.

Represented at the conference by Sa’adatu Faruk, Head Financial Inclusion Division, Market Development Department SEC, Yuguda said Financial Inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services. The products and services he stated, must meet the needs of individuals and businesses and must be delivered sustainably and responsibly

According to him, “Achieving Financial inclusion involves the coming together of multiple stakeholders, from Federal Government, policymakers, regulators to private industries , including employers, educational systems, communities and individuals. There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.  

“In order to reach the 95% financial inclusion target, we must first and foremost recognise the imperative for prioritizing financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion”.  

The SEC Boss assured that with the help of the fast growing Fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.

Yuguda disclosed that the commission has created new standards and rules for registration and operations of FINTECH firms in the market to ensure compliance with global standard and adequate protection of investments.

The SEC DG reassured that the licenced Fintech companies will further speed up financial inclusion policy of the federal government, as well as ensuring adequate protection for their financial/ investment transactions.

He disclosed that the Commission in collaborating with the Central Bank of Nigeria along with other stakeholders on continued awareness and literacy programmes.

“Some efforts the Commission is making in this regard is the issuance of Non – Interest instruments to increase the availability of affordable and acceptable products for investing public, the Introduction of Direct Cash Settlement to enhance payment process to investors, the introduction of E- Dividend to reduce unclaimed dividend and increase investor confidence as well as the infusion of capital market studies into Basic Senior and Secondary School’s curriculum among others” he added.