SEC Launches FinTech Clinic to Crack Down on Unregistered Digital Platforms in Nigeria
The Securities and Exchange Commission (SEC) has taken a proactive step to regulate Nigeria’s rapidly expanding financial technology sector with the launch of its inaugural Regulator/FinTech Clinic. The event, held on Tuesday, aims to foster collaboration between innovators and regulators, ensuring that growth in digital finance aligns with investor protection and compliance standards.
Opening the clinic, SEC Director-General Emomotimi Agama emphasized the importance of dialogue between regulators and FinTech operators. “This engagement reflects a deliberate step by the Commission to deepen dialogue between the regulator and the FinTech sector,” he said, highlighting the need for a balance between innovation and oversight in one of Africa’s most dynamic financial segments.
Nigeria has emerged as a leading innovation hub, with FinTech entrepreneurs leveraging technology to expand financial access and democratize investment opportunities. However, Agama noted that regulatory frameworks must keep pace with rapid technological evolution. He stressed that responsible innovation depends on rules that are protective yet adaptable, and that clarity, predictability, and trust are essential for sustainable growth.
The clinic also addresses emerging risks, including the rise of unregistered investment platforms. Executive Commissioner of Operations, Bola Ajomale, pointed out that while digital assets captivate young investors, unregistered firms pose potential threats. “We have taken more than 500 firms to understand how they are evolving and what they are bringing to the market,” he said, emphasizing that early engagement and compliance at the design stage are far more effective than corrective measures later.
Under the recently enacted Investments and Securities Act, 2025, the SEC has strengthened its capacity to oversee new digital products while protecting investors. The FinTech Clinic provides guidance on regulatory compliance, highlights common pitfalls, and reinforces the message that legitimacy is foundational to sustainable growth. Agama concluded, “Our goal is to align innovation with integrity, growth with governance, and technology with trust.”
source: punch