SEC: Nigeria's new fintech rules to come to force by June

Nigeria's Securities and Exchange Commission, under the leadership of Director General Emomotimi Agama, is set to implement new fintech rules by June this year. Agama emphasized the pivotal role of the capital market in driving economic growth and highlighted the importance of facilitating capital formation for companies. In an exclusive interview with CNBC Africa, Agama discussed the Commission's commitment to streamlining the capital-raising approval process, aiming to provide certainty and efficiency for market participants. The two-week benchmark for approval signifies a significant improvement in the turnaround time, ensuring a quicker path to accessing long-term capital. Agama reiterated the SEC's focus on engaging with stakeholders to address market needs and challenges effectively. Beyond capital formation, Agama underscored the significance of financial literacy in enhancing wealth creation and investment opportunities. The SEC has embarked on various initiatives to promote financial education, including collaborations with educational bodies to introduce capital market studies in school curricula. Additionally, the Commission has launched a podcast room to reach a wider audience digitally, aligning with its mission to educate and empower individuals across the country, especially women, who play a vital role in financial decision-making within households. When discussing the forthcoming fintech regulations, Agama highlighted the comprehensive rule-making process followed by the SEC. After issuing guidelines in December and gathering feedback from the market, the rules are set for final approval by June. The updated regulations aim to enhance oversight and governance within the rapidly evolving fintech sector, providing a clear framework for market participants to operate within. Looking ahead, Agama emphasized the importance of collaboration and partnerships in advancing regulatory practices. A recent trip to India provided valuable insights into best practices in market regulation and investor engagement. By leveraging lessons learned from international markets like India, the SEC aims to enhance its regulatory framework and attract a broader base of investors to the Nigerian market. As Nigeria embarks on a journey towards regulatory excellence, the SEC remains committed to fostering a robust capital market ecosystem that drives sustainable economic growth. With a focus on efficiency, innovation, and investor education, the Commission is poised to uphold the highest standards of market integrity and investor protection.