COVID-19: SEC leveraging fintech in capital market regulations — Acting DG

The Securities and Exchange Commission (SEC) says it is leveraging opportunities available in  financial technology (fintech)  space to ensure proper regulation of  Capital Market in the face of the pandemic. Mrs Efe Ebelo,  Head, Corporate Communication of  SEC, quoted the Acting Director-General of the commission , Ms Mary Uduk, as saying this, in a statement on Sunday in Abuja. Uduk said the commission had employed various means to ensure that the market was able to operate remotely and that investors were able to get the benefits of their investments at this critical time.

According to her, many companies have been able to hold virtual Annual General Meetings (AGMs) and have also paid out dividends to their shareholders in spite of the lockdown with the aid of technology. “No one saw this coming, but it is  here with us. Therefore, we are leveraging technology to be able to continue to function. ‘Initially people were afraid of technology, but now, it has become a saving grace given the COVID-19. We had to quickly activate our Business Continuity Plans to ensure that there is no gap in regulation. So, most of us are leveraging technology, and our staff are equipped to be able to continue to work remotely and support the market in every area,” she said.

The acting director general noted that the commission was currently engaging and guiding fintech start-ups that were interested in operating in the country’s capital market. “We are finalising some existing regulations in the areas of crowdfunding and other fintech-based trading and investment platforms.  We are aware that fintech provides opportunity to bring efficiency into our activities, introduce new products and new platforms,” Uduk said.  The commission had launched the fintech roadmap for the country’s capital market and a committee was currently working to implement the recommendations of the roadmap. (NAN)