Director-general of Securities and Exchange Commission (SEC), Emomotimi has said fintech operators must adhere to rules of the capital market when raising funds.
Gatekeepers News reports that while at a a one-day capacity training for financial journalists in Abuja, Agama said SEC will enforce regulations in fintech ecosystem to prevent fund mismanagement and align operators with existing rules.
Agama reiterated the commission’s commitment to protecting investors, especially with the increasing use of fintech.
The DG added that creating a regulatory environment conducive to the innovative use of technology is essential to transforming Nigeria.
Hasfat Rufai, director of the registration, exchanges, and market infrastructure department at SEC while speaking, said the digital advancements in the financial industry have reshaped how Nigerians invest, but there are challenges around regulation and investor protection.
She said, “While these trends bring new opportunities, they also come with challenges, particularly around regulation and investor protection.”
“The digital age has transformed the investment landscape, offering greater accessibility, innovation, and opportunity. Investors must adapt to this evolving environment by embracing technology, seeking knowledge, and making responsible investment choices.”
“The future of investment in Nigeria will likely be driven by the continued rise of technology, young investors, and evolving financial products.”
Also, Abdulrahman Abubakar, senior manager at SEC, said the commission recently engaged Toronto Center to assist in improving its Risk-Based Supervision (RBS) regime.
In his presentation on the commodities market as an alternative investment, leveraging fintech, Abubakar said the commission has consistently made improvements on how it regulates the markets due to their dynamic nature.
