The Securities and Exchange Commission (SEC), Nigeria’s leading capital market regulator, has stated that one of its primary goals in launching its Regulatory Incubation Programme for Fintechs is to ensure the safety of investors and their investments in the capital market.
Mr. Abdulkadir Abbas, Director, Registration, Exchanges, Market Infrastructure, and Innovation, began this during an interview in Abuja. According to Abbas, the regulatory incubation program is intended as a stopgap measure to promote proper regulation of Fintech operations that correspond to capital market issues.
The SEC Director stated that the Commission, through the RI, is giving a route for fintechs to test their ideas without jeopardizing market integrity, and that another goal is to be able to offer an opportunity to fix problems.
Abbas stated that the takeoff has been very encouraging with the SEC gaining traction with market participants showing more interest and have commenced the first stage which is the initial fintech assessment route.