SEC: Fintech has made remote market operations, oversight seamless

May 11, 2020 7:42 am

The Securities and Exchange Commission (SEC) says it has been leveraging tools available in the Fintech space to ensure proper regulation of the capital market during the COVID-19 pandemic.

Mary Uduk, SEC acting director-general, said the commission had to employ various means to ensure that the market operates remotely and investors get the benefit of their investments at this critical time when they need them.

“No one saw this coming, but here it is with us. We had to quickly activate our business continuity plans to ensure that there is no gap in regulation,” a statement by Efe Ebelo, SEC head of corporate communications, quoted Uduk to have said.

“So most of us are leveraging technology, and staff are working remotely, we are interacting with market operators who are also working remotely.

“Our staff are equipped to be able to continue to work remotely and support the market in every area. We have also issued circulars to capital market operators guiding them on how we expect that the market remains open and continues to function Seamlessly.

“You are aware that many companies have been able to hold virtual AGMs and have also paid out dividends to their shareholders in spite of the lockdowns. This they have been able to do with the aid of technology

“In the past, we talked a lot about Fintech or financial technology and how it has disrupted the market but now its COVID-19 that has so disrupted the market, disrupted everything the way it is and therefore as human beings we have to adapt to be able to ensure that our lives continue and not allow COVID-19 to put our lives on hold. Therefore, we are leveraging technology to be able to continue to function. Initially, people were afraid of technology but right now it has become a saving grace given the COVID–19.”

Uduk said the commission is engaging and guiding Fintech start-ups that seek to operate in the Nigerian capital market adding that market operators are also being encouraged to embrace Fintech, not as a competitor, but as enablers to their existing operations and processes.