SEC moves to strengthen collaboration with other regulators on financial literacy

The Securities and Exchange Commission (SEC) has resolved to strengthen collaboration with other regulators in the market to accelerate financial literacy.

It said this would ensure that Nigerians in urban and rural areas were sensitised on the benefits of financial literacy to nurture the nation’s economy.

Director, Market Development Department of SEC, Edward Okolo, stated this at the weekend during a visit of the Financial Literacy Technical Committee (FLTC) to the National Insurance Commission (NAICOM) in Abuja.

The FLTC is the capital market’s committee set up by SEC to monitor the implementation of its ten-year master plan.

Okolo said the visit was to further strengthen collaboration between the committee and NAICOM, while commending the insurance industry regulator for being a member of the committee saddled with the responsibility of creating financial literacy awareness in the market.

He described insurance as one of the veritable tools of raising money in the market, stressing the need to explore avenues of enlightening the states on the benefits of patronising insurance products during SEC’s regular awareness campaigns.

“As we create awareness on the capital market, NAICOM can also market insurance products during such campaigns. This collaboration will further strengthen our base and the financial side of the economy.

“Our sustenance will be based on how we can strengthen the market and introduce new products,” he said.

Responding, a member of the committee, Omagbitse Barrow, said awareness of the financial sector needed to be created in a more holistic manner by all industry agencies.

“We need to agree and understand what we are doing to be able to forge a united front. Already, we are using various channels like social media, training students on Over the Counter (OTC) and various financial products to enlighten Nigerians.

“Our focus is to get people to better understand the things we do and explore areas where we can collaborate as regulators. We need to pay more attention to financial literacy and use it to deepen the quality of participation and create more value for the industries.

“We want to continue to have more co-operation with a unified front to drive financial literacy. When that happens, the market will respond appropriately,” he said.

Speaking, Director, Inspection, NAICOM, Barineka Thompson, commended the committee for its effort in deepening the financial industry and empowering the citizens.

He stated that the committee’s work would help to create more products in the insurance sector to further boost the market.

“We are glad that you are collaborating with NAICOM. We will mobilise representation from the industry and this will further enhance the scope of our interaction.

“As we plan ahead, we will find areas to work with the committee. We are interested in the work of the committee and can assure you of our support. We support the on-going implementation of the master plan and will continue to support the exercise,” he added.