The Securities and Exchange Commission (SEC) says it will work to integrate capital markets studies into the curriculum for high schools in the digitize the economy through financial inclusion policy.
SEC Chief Executive Lamido Yuguda said this at Oriental News Nigeria’s inaugural conference, themed “Engaging with Critical Groups to Develop an Effective Financial Inclusion Initiative”, held in Lagos.
Yuguda was represented by Sa’adatu Faruk, Head of Financial Inclusion Division, Market Development Department, SEC.
According to Yuguda, financial inclusion is achieved when individuals and businesses have access to affordable financial products and services, which must meet the needs of individuals and businesses and must be provided in a sustainable manner.
“Achieving financial inclusion involves bringing together multiple stakeholders, from the federal government, policymakers, regulators to private industries, including employers, education systems, communities and individuals,” Yuguda said.
“There is global recognition and acceptance of achieving financial inclusion with a focus on digital technology.
“In order to achieve the 95% financial inclusion goal, we must first and foremost recognize the imperative to prioritize financial literacy at all levels, the importance of innovation and need to create an enabling environment to promote financial inclusion.”
The SEC boss said that with the help of the rapidly growing penetration of fintech into the economy and financial systems, more Nigerians would be captured and better protected to effectively navigate the country’s financial systems.
He added that this will be achieved through enabling channels including capital market, insurance and savings.
Yuguda said the commission created new standards and rules for the registration and operations of fintech companies to ensure compliance with global standards and adequate investment protection.
He also said licensing fintech companies would further accelerate the FG’s financial inclusion policy, while ensuring adequate protection for financial transactions.
The SEC CEO said the commission was working with the Central Bank of Nigeria (CBN), as well as other stakeholders, on ongoing awareness and literacy programmes.
“Some of the efforts the commission is making in this regard are the issuance of interest-free instruments to increase the availability of affordable and acceptable products for the investing public, the introduction of direct cash settlement to improve the payment process to investors, the introduction of the electronic dividend to reduce unclaimed dividends and increase investor confidence, as well as the integration of capital markets studies into the core curriculum of secondary and secondary schools, among others,” he said. -he adds.