SEC Plans to Introduce Regulations for Nigeria’s Fintech Sector by 2025
The Securities and Exchange Commission (SEC) has announced plans to introduce regulations for Nigeria’s financial technology (fintech) sector by 2025. Emomotimi Agama, the Director-General of SEC, stated that the commission is focused on ensuring transparency and integrity while regulating the sector. He emphasized the importance of creating an equitable environment for all applicants in the fintech space and expressed a commitment to making Nigeria a leader in fintech regulation.
Agama also revealed that a new law aimed at strengthening the regulation of the fintech sector is awaiting presidential assent. This law, he explained, includes the necessary provisions to properly regulate the space and provide clear guidance to operators. The SEC plans to accelerate its efforts in the coming year, having gained valuable insights from the ongoing process.
Acknowledging the technical challenges involved in the fintech registration process, Agama noted that registration is a critical aspect of effective regulation. He highlighted that the SEC’s approach would involve continuous monitoring, education, and surveillance to ensure compliance while fostering growth within the sector. Agama also recognized that while the journey of regulating fintech is new and complex, challenges encountered along the way are solvable.
In a previous statement on October 8, the SEC outlined plans to enforce regulations to address issues such as the mismanagement of funds and align fintech operators with existing rules. Agama stressed the need for a regulatory environment that supports the innovative use of technology, which he believes is key to transforming Nigeria’s economy and ensuring the long-term success of the fintech sector.
