{"id":49938,"date":"2021-06-23T21:00:34","date_gmt":"2021-06-23T20:00:34","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=49938"},"modified":"2021-06-23T21:00:34","modified_gmt":"2021-06-23T20:00:34","slug":"digital-platforms-will-aid-financial-inclusion-sec","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/digital-platforms-will-aid-financial-inclusion-sec\/","title":{"rendered":"Digital Platforms Will Aid Financial Inclusion \u2013 SEC"},"content":{"rendered":"

 <\/p>\n

The Securities and Exchange Commission has stated that it recognizes the importance of digital platforms for democratizing access to capital market products and services for greater financial inclusion in the capital market.\u00a0\u00a0<\/span><\/p>\n

This was stated by Director General of the SEC Mr. Lamido Yuguda who was represented by the Executive Commissioner Legal and Enforcement Mr. Reginald Karawusa at a webinar organised by the Commission with the them \u201cDigital platforms: New Frontier for capital Market inclusion\u201d.<\/p>\n

Yuguda said, \u201cAs the apex regulator of the Nigerian capital market, with a dual mandate to regulate and develop the market we recognize that\u00a0<\/span>the greatest asset of any capital market and indeed any financial market is its investors. I<\/span>t is investors, whether retail or institutional that provide the savings needed for productive investments.\u00a0\u00a0Inclusion of the excluded population is therefore critical for\u00a0<\/span>deepening a sustainable capital market.<\/p>\n

According to him, the Enhancing Finance in Africa (EFInA) 2020 Report on the Nigerian \u201cFinTech Landscape and Impact Assessment Study\u201d, as at December 2018, about 40% of Nigerians were still financially excluded. 51.1% of the excluded population are women, while 61.5% are between the ages of 18 and 35. Also 34% had no formal education and 80.4% resided in rural areas.<\/p>\n

This Yuguda said, means that 40% of Nigerians who are financially excluded, especially those between the ages of 18 and 35 are also excluded from participation in the Nigerian capital market.\u00a0\u00a0This low level of involvement in the market has spurred the Commission to intensify its investor education efforts to attract greater participation in the capital market by both existing and potential investors.<\/p>\n

The SEC Boss asserted that the capital market,<\/span>\u00a0as part of the Fintech eco system,\u00a0is witnessing changes in the conduct of market activities with<\/span>\u00a0the emergence of digital platforms which provide wide scale, cost effective and efficient solution for inclusion of potential investors in the capital market especially the younger population.\u00a0\u00a0<\/span><\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cSince 2018 the Commission has been engaging stakeholders within this space, to develop an efficient regulatory framework that will mandate responsible digital financial practices to protect investors or consumers.<\/p>\n

\u201cThe discussions and insight from this webinar, therefore, will be instrumental in shaping the regulatory landscape for the operation of these platforms, as well as support our efforts in securing the mutual benefits from their emergence.<\/p>\n

He restated the Commission\u2019s objectives, which are to build a modern, efficient and low cost market characterized by adequate product offerings, efficient processes and market integrity.<\/p>\n

\u201cWe must do this continually by raising standards, embracing new technology, introducing new products, enhancing our processes, widening the investor-base, invigorating investor education and providing an enabling regulatory framework to support it all\u201d he added.<\/p>\n

In his remarks, Director Market Development Department at the SEC, Mr. Edward Okolo said the topic for discussion is apt based on prevailing circumstances and global realities.<\/p>\n

The importance of financial inclusion and digital platforms in such times when human interaction and business operations are limited cannot be over emphasized. The global business thrives on digital products platforms and processes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has stated that it recognizes the importance of digital platforms for democratizing access to capital market products and services for greater financial inclusion in the capital market.\u00a0\u00a0<\/p>\n","protected":false},"author":6,"featured_media":23145,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8765,575],"coauthors":[2391],"class_list":["post-49938","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-digital-platforms","tag-sec"],"yoast_head":"\nDigital Platforms Will Aid Financial Inclusion \u2013 SEC - National Wire<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has stated that it recognizes the importance of digital platforms for democratizing acces\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/digital-platforms-will-aid-financial-inclusion-sec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital Platforms Will Aid Financial Inclusion \u2013 SEC - 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