FG to Tighten Grip on Fintech Regulations

FG to Tighten Grip on Fintech Regulations ??

SEC Pledges Stronger Oversight in Fintech Sector

The Federal Government of Nigeria, through the Securities and Exchange Commission (SEC), has reiterated its dedication to investor protection by reinforcing regulations in the booming fintech space.

Key Highlights from SEC’s Announcement

• Investor Safety First: The SEC’s Director-General, Emomotimi Agama, emphasized during a one-day training for financial journalists in Abuja that fintech operators must adhere to capital market rules, especially when raising funds.

“It is time for fintech operators to be held accountable to the rules of the capital market,” Agama stated.

• Tackling Emerging Challenges: Hasfat Rufai, Director of Registration, Exchanges, and Market Infrastructure at SEC, highlighted the complexities posed by digital platforms and cryptocurrencies while underscoring the Commission’s priority to safeguard investors amidst these disruptions.

“The digital age has transformed the investment landscape, offering greater accessibility and innovation. Investors must adapt by embracing technology and making informed choices,” Rufai noted.

• Combatting Fraudulent Claims: SEC has issued warnings about Marino FX Ltd., falsely claiming to be a licensed cryptocurrency exchange, urging investors to verify authenticity before engaging with such entities.

Why This Matters

As fintech continues to reshape the financial ecosystem, regulatory frameworks must evolve to balance innovation with investor safety. SEC’s commitment aims to maintain trust and transparency in Nigeria’s capital markets.?