Securities and Exchange Commission (SEC), Ms. Mary
Uduk
The Securities and Exchange Commission (SEC) has stated that it
is leveraging the various opportunities available in the Fintech
space to ensure proper regulation of the Capital market in the face
of the COVID-19 pandemic.
The Acting Director-General of the SEC, Ms. Mary Uduk said this
in Abuja, weekend.
She explained that the apex regulator had to employ various
means to ensure that the market is able to operate remotely and
also ensure that investors are able to get the benefit of their
investments at this critical time when they need them.
“No one saw this coming, but here it is with us. 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 staff are working remotely, we are interacting with market
operators who are also working remotely.
“Our staff are equipped to be able to continue to work remotely
and support the market in every area. We have also issued circulars
to capital market operators guiding them on how we expect that the
market remains open and continues to function seamlessly.
“You are aware that many companies have been able to hold
virtual AGMs and have also paid out dividends to their shareholders
in spite of the lockdown. This they have been able to do with the
aid of technology,” Uduk stated.
She said the pandemic has disrupted the market and everything
else but added that with the deployment of technology the market is
able to remain open and function.
According to the SEC boss, “In the past we talked a lot about
Fintech or Financial Technology and how it has disrupted the market
but now its COVID-19 that has so disrupted the market, disrupted
everything the way it is and therefore as human beings we have to
adapt to be able to ensure that our lives continue and not allow
COVID-19 to put our lives on hold. Therefore, we are leveraging
technology to be able to continue to function. Initially people
were afraid of technology but right now it has become a saving
grace given the COVID-19.
“We are adopting technology in our regulatory and operational
activities and have established a Division dedicated to Fintech and
Innovation. We are engaging and guiding Fintech start-ups that seek
to operate in the Nigerian capital market, while we encourage those
we regulate to embrace Fintech, not as competitor, but as enablers
to their existing operations and processes.
“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 as well as supporting development of technology
start-ups.”
Securities and Exchange Commission (SEC), Ms. Mary
Uduk
The Securities and Exchange Commission (SEC) has stated that it
is leveraging the various opportunities available in the Fintech
space to ensure proper regulation of the Capital market in the face
of the COVID-19 pandemic.
The Acting Director-General of the SEC, Ms. Mary Uduk said this
in Abuja, weekend.
She explained that the apex regulator had to employ various
means to ensure that the market is able to operate remotely and
also ensure that investors are able to get the benefit of their
investments at this critical time when they need them.
“No one saw this coming, but here it is with us. 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 staff are working remotely, we are interacting with market
operators who are also working remotely.
“Our staff are equipped to be able to continue to work remotely
and support the market in every area. We have also issued circulars
to capital market operators guiding them on how we expect that the
market remains open and continues to function seamlessly.
“You are aware that many companies have been able to hold
virtual AGMs and have also paid out dividends to their shareholders
in spite of the lockdown. This they have been able to do with the
aid of technology,” Uduk stated.
She said the pandemic has disrupted the market and everything
else but added that with the deployment of technology the market is
able to remain open and function.
According to the SEC boss, “In the past we talked a lot about
Fintech or Financial Technology and how it has disrupted the market
but now its COVID-19 that has so disrupted the market, disrupted
everything the way it is and therefore as human beings we have to
adapt to be able to ensure that our lives continue and not allow
COVID-19 to put our lives on hold. Therefore, we are leveraging
technology to be able to continue to function. Initially people
were afraid of technology but right now it has become a saving
grace given the COVID-19.
“We are adopting technology in our regulatory and operational
activities and have established a Division dedicated to Fintech and
Innovation. We are engaging and guiding Fintech start-ups that seek
to operate in the Nigerian capital market, while we encourage those
we regulate to embrace Fintech, not as competitor, but as enablers
to their existing operations and processes.
“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 as well as supporting development of technology
start-ups.”