SEC DG: How capital market studies in secondary schools will drive financial inclusion policy

The Securities and Exchange Commission (SEC) says it will work towards infusing capital market studies into secondary schools’ curriculum in the drive to digitalise the economy through the financial inclusion policy.

Lamido Yuguda, director general, SEC, said this at the inaugural conference of Oriental News Nigeria, themed ‘Engaging with Critical Groups to Develop Effective Financial Inclusion Initiative’, which was held in Lagos. 

Yuguda was represented by Sa’adatu Faruk, head, 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 delivered sustainably. 

“Achieving financial inclusion involves the coming together of multiple stakeholders, from federal government, policy makers,  regulators to private industries, including employers, educational systems, communities and individuals,” Yuguda said. 

“There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.  

“In order to reach the 95% financial inclusion target, we must first and foremost recognise the imperative for prioritising financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion.”

The SEC boss said with the help of the fast-growing fintech penetration in the economy and financial systems, more Nigerians would be captured and be more protected to effectively navigate the country’s financial systems. 

He added that this would be achieved through the enabling channels, including the capital market, insurance and savings.

Yuguda said the commission has created new standards and rules for registration and operations of fintech firms to ensure compliance with global standards and adequate protection of investments.

He also said the licensing of fintech companies would further speed up the financial inclusion policy of the FG, as well as ensure adequate protection for financial transactions.

The SEC DG said the commission is collaborating with the Central Bank of Nigeria (CBN), along with other stakeholders, on continued awareness and literacy programmes.

“Some efforts the commission is making in this regard is the issuance of non-interest instruments to increase the availability of affordable and acceptable products for investing public, the introduction of direct cash settlement to enhance payment process to investors, the introduction of e-dividend to reduce unclaimed dividend and increase investor confidence, as well as the infusion  of capital market studies into basic senior and secondary schools’ curriculum, among others,” he added.