SEC Director-General Advocates On The Use Of Technology

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At the 2021 workshop of Capital Market Correspondents Association of Nigeria(CAMCAN) in Lagos, the Director-General of Securities and Exchange Commission (SEC), Mr Lamido Yuguda who was represented by Executive Commissioner, Operations, Mr Temidayo Obisan said that technology would continue to play a critical role in expanding access to affordable financial services”

He also spoke about the users of technology in Nigeria “According to him, there are over 191 million and 140 million active mobile subscribers and active data subscribers in Nigeria as at October 3, 2021.

According to the Sun newspaper some of the need for leveraging of  technology to close the huge financial inclusion gap he pointed out is  that the closing of this gap would help reduce the cost of providing financial transactions as it involves little or no infrastructure cost and offers the highest outreach.

“Leveraging technology to offer financial service has advantage over traditional means because it breaks down geographical constraints. 

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“It also simplifies the means of serving existing customers for example through the use of mobile banking agents to perform banking transactions.

– The Sun

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