SEC Launches Tech Adoption Survey to Accelerize Innovation in Nigerian Capital Market
The Securities and Exchange Commission (SEC) of Nigeria has initiated a technology adoption survey targeted at Capital Market Operators (CMOs), aiming to foster innovation, efficiency, and modernization across the country’s financial markets. The survey, which became available on May 5 and runs until May 20, 2025, is accessible via the SEC’s official website and requires registered CMOs to participate using their existing login credentials.
According to the official circular released by the SEC, the survey seeks to assess how well CMOs are integrating advanced technologies into their operations. This initiative aligns with the Commission’s broader goal of encouraging the adoption of modern tools and digital solutions that can help deepen market activities and improve overall market dynamics.
Director-General of the SEC, Emomotimi Agama, emphasized the importance of embracing innovation as a means to drive growth, enhance transparency, and strengthen resilience within the capital market. He noted that the Commission is staying proactive in responding to the rise of new financial technologies by adjusting its regulatory frameworks to ensure they remain relevant and effective.
Agama outlined a three-pronged regulatory approach focused on safety, market deepening, and problem-solving. This strategy is designed to create a more robust and trustworthy capital market ecosystem capable of adapting to the fast-evolving financial landscape while still protecting investors and maintaining market integrity.
To support this innovation drive, the SEC has also introduced a Regulatory Incubation programme. This initiative allows emerging FinTech firms to operate for one year within a controlled environment, giving the SEC time to study their models and develop tailored regulations. This not only promotes innovation but also safeguards the market by ensuring that new technologies are properly vetted before widespread adoption.
Source: The Sun