‘Licensed fintech firms will deepen financial inclusion ‘
The Securities and Exchange Commission (SEC) has stated that the licensed financial technology (fintech) companies will enhance speedy financial inclusion in Nigeria as well as protect investment in the sector.
Director-General of the SEC, Lamido Yuguda, while addressing participants at the inaugural conference of Oriental News Nigeria with theme ‘Engaging with critical groups to develop effective financial inclusion initiative’, in Lagos, at the weekend, assured that with the support of fast-growing Fintech penetration in the financial systems, more Nigerians would be captured and protected to effectively navigate challenges in the financial systems, capital market and insurance through enabling systems and processes
Represented by the Head, Financial Inclusion Division, Market Development Department SEC, Sa’Adatu A Faruk, the SEC boss said the commission has created new standards and rules for registration and operations of Fintech firms in the market to ensure compliance with global standards and adequate protection of investments.
He reiterated commitments to ensure that every segment of the society is covered and more Nigerians captured in the ongoing digitalisation exercise.
Also, speaking at the event, the Commissioner for Insurance, National Insurance Commission, (NAICOM), Sunday Thomas, assured Nigerians that the micro insurance schemes established by the commission, through licensing of some companies to operate in the segment, are focused on ensuring that Nigerians at the grassroots level are not left out of the budding Nigerian financial enterprise.
Thomas, who was represented by the Deputy Director/Head Corporate Communications & Market Development NAICOM, Rasaaq Salami, at the occasion said that the micro insurance provides the leeway to protecting property, safeguarding belongings from damages or loss when the unexpected occurs.
Managing Director, APT Securities and Funds Limited, Garba Kurfi, said the financial inclusion policy of the government helps to ensure that funds that could have been deployed for entrepreneurial initiatives do not end up in ‘cupboards at homes’.
Kurfi noted that the government has recorded remarkable progress in the financial inclusion exercise, adding that more efforts are made to ensure that the economic advantage of the country’s large population translates to financial benefits to the people and institutions.
He said governments at all levels have designed financial support initiatives for rural women, artisans, petty traders and other financially disadvantaged, which can only be extended to people who operate bank accounts.
He said that funds are aggregated through savings in banks, investments in capital markets and insurance companies and are further deployed to catalyse economic development through lending and institutional growth.