SEC: Fintech has potential to reduce cost

The Securities and Exchange Commission (SEC) has said that Fintech has the potential to reduce cost of transaction, improve efficiency and transparency in the nation’s capital market. SEC’s Executive Commissioner, Operations, Mr Dayo Obisan, who stated this yesterday at the Capital Market Solicitors Association (CMSA) 2021 Annual Business Luncheon, a virtual conference, themed: “Technology Driven Products in the Capital Market: Prospects and Challenges,” said the acceptance of Fintech in the capital market was growing speedily. He said that one benefit derived from COVID- 19 was the untilisation and acceptance of Fintech by the capital market participants and other capital market operators. “The market rise to all time high in 2020 despite the pandemic through business continuity plan activated by fintech.

“Fintech has the potential to simplify capital raising. We expect improved participation and collaboration of solicitors and SEC. As a Commission, we support innovations especially those that will protect investors funds. We can turn to you for guidance and we urge you to promote compliance to regulations,” he said.

He noted that as the apex regulator of the Nigerian capital market, with a dual mandate to regulate and develop the market, the Commission recognised 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,” he said. Aigboje Aig- Imoukhuede, former Access Bank GMD, who was a key note speaker, commended Capital Market Solicitors Association for its contribution to the capital market