This was disclosed by Chief Economist at SEC, Okey Umeano, during a Nairametrics webinar titled “FinTech Rising: Creating Synergy Between Fintech Players And Regulators” held Saturday, May 1, 2021.Umeano said SEC supports an efficient market and has no interest in creating regulatory roadblocks for the industry.
“However, the regulator wants innovation within guidelines,” he added.
He also disclosed that the SEC has to “balance innovation with protecting investors, citing that the SEC has made efforts to bridge the gap with the creation of offices dedicated to regulating fintechs and listening to complaints of startups.Acccording to him SEC launched a fintech committee with relevant stakeholders who have done extensive work to implement a strategic engagement roadmap for fintechs in Nigeria.
“We need to focus more on dialogue and consider the impact of circulars on companies,” he added.Recall that Fintech trading platforms like Chaka, Trove, Bamboo, and others that allow Nigerians to invest and trade in stocks listed on the Nigerian and foreign stock exchanges were declared illegal by the SEC.
The SEC stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.