The securities and exchange Commission, SEC, says it is leveraging the various opportunities available in the Fintech space to sustain it’s operations despite the limitations posed by the COVID-19 pandemic.
According to a statement, Acting Director General of the SEC, Mary Uduk, said the apex regulator had to employ the strategy to ensure that the market is able to operate remotely and 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.” She said.
“Most of us are leveraging technology, and staff are working remotely, we are interacting with market operators who are also working remotely.” The statement read.
According to the statement, SEC staff have been equipped to continue to work remotely and support the market while circulars have been issued to capital market operators guiding them on how the market would 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 lockdowns. This they have been able to do with the aid of technology” Uduk noted.
According to the SEC boss, “In the past we talked a lot about FinTech and how it has disrupted the market but now its Covid-19 that has so disrupted the market and…we have to adapt to be able to ensure that it doesn’t put our lives on hold.”
“We are adopting technology in our regulatory and operational activities and have established a Division dedicated to Fintech and Innovation.” The statement read further.
Uduk disclosed that SEC is engaging and guiding Fintech start-ups that seek to operate in the Nigerian capital market, while encouraging those regulated to embrace Fintech as enablers to their existing operations and processes.
Recall that the Commission already launched the Fintech Roadmap for the Nigerian Capital Market and a dedicated committee is working with the commission and other key stakeholders to implement the recommendations of the roadmap report.