The Securities and Exchange Commission (SEC) has announced plans to introduce comprehensive regulations for Nigeria’s fintech sector by 2025, aimed at promoting transparency, integrity, and investor protection in the rapidly evolving industry.
Speaking in Abuja, the director-general of SEC, Dr. Emomotimi Agama, emphasised the commission’s dedication to creating a robust regulatory framework for fintech operators. Agama stated that the move aligns with Nigeria’s ambitions to establish itself as a leader in fintech regulation.
“We are trying to ensure that, at the end of the day, as a country, we will stand out in the regulation of this space,” Agama said.
Agama revealed that a new law designed to strengthen the fintech sector is in the final stages of approval, awaiting Presidential assent. He noted that the proposed legislation includes all the legal requirements necessary to guide fintech operations effectively and provide clarity to stakeholders.
“This law is replete with all the ingredients legally required to properly regulate this space and give guidance to operators. All of these are efforts by SEC to be as friendly as possible, protect the interest of the ecosystem, and safeguard the interest of investors,” Agama added.
The SEC chief stressed that fintech represents the future of the financial services industry and reaffirmed the commission’s commitment to supporting its growth.
“Beyond any doubt, this space is the future, and for us as Nigerians, we have embraced it,” he said.
Addressing the technicalities of fintech regulation, Agama highlighted the importance of registration as a cornerstone of effective oversight. He explained that the process involves continuous monitoring, education, and surveillance to ensure compliance and accountability.
“This journey is a new one that we have not gone through before. As we continue, we will find challenges which we need to solve because every challenge is solvable,” he said.
