Dr Emomotimi Agama, director general, Securities and Exchange Commission (SEC) has said that his commission is working to expand the capital market education curriculum for Nigerian universities to include topics on cybersecurity, artificial intelligence, financial technology, and others.

Agama, made this statement during the inauguration of a committee tasked with reviewing the curriculum on securities and investment management.

The National Universities Commission (NUC) has already approved the curriculum for Nigerian universities and other tertiary institutions.

The committee will be chaired by Professor Uche Uwaleke of Capital Market Studies at Nasarawa State University

He said, “Due to new developments in fintech, cybersecurity, artificial intelligence and others, there is a need to expand the curriculum to accommodate the new trends. It is an important time and we want to latch in to be able to teach Nigerians, especially the young people, about the capital market. In light of this, the commission has set up a committee to review and enrich the existing curriculum to reflect these advancements.

“It is sad that people do not have a full grasp of capital market issues. We must do everything to share knowledge and educate people. We want to be the best capital market among nations and that can only be possible due to the superiority of our knowledge. You are well placed to do this being in the Ivory Towers and I thank you for accepting to serve as we look forward to a robust discussion.”

Agama disclosed that the terms of reference of the committee included: a review of the NUC curriculum on securities and investment management to include the non-interest capital market, the commodities ecosystem, the derivatives market, sustainable finance; and capital Market regulations; expanding the ‘Introduction to Cryptocurrency’ section of the NUC curriculum to reflect current developments.; and developing a standard capital market studies curriculum to be used by Nigerian universities and other tertiary institutions.

Members of the committee include Prof Augustine Agom of the Ahmadu Bello University; Prof. Seth Akutson of the Kaduna State University; Prof Chuke Nwude of the University of Nigeria Nsukka and Dr Akeem Oyewole of Marble Capital Ltd.

Others are Prof Oladele Akinyomi of the Mountain Top University;  Head of the Market Development Department of SEC, Mrs Ojone Kabir;  Head of Economic Research and Intelligence of SEC, Dr Hassan Suleiman and Mrs Jessica Ogwuche of the Financial Inclusion and Investor Education Department of SEC, who is the secretary of the committee.

In his remarks, Uwaleke, chairman of the committee, appreciated the management of the commission for finding members of the committee fit and trusted to carry out the assignment.

“We know that part of our challenge is because our retail investor base is shallow in relation to our population and one way to change the narrative is through capital market literacy. We as lecturers can attest to the fact that capital market literacy within the academic environment is low and I think tackling that is one low-hanging fruit.

“I am aware that the DG and others have been trying to increase the level of awareness with various programmes like quizzes, essays, investor clinics and others, but for us to make more impact, we need to focus on tertiary institutions and that is why I think what we are doing is very crucial,” he stated.

Uwaleke assured that the members would add value given their track record, saying that the objectives and terms of reference of the committee would be achieved.

Moniepoint, a Nigerian cash-transfer startup, raised $110 million in an equity sale to expand in home market and across Africa, Tosin Eniolorunda, founder and chief executive said.

The Series C funding round, backed by an Africa investment fund owned by Google and Development Partners International LLP, will enable the firm start cross-border remittances and extend banking services into francophone African countries,  according to Eniolorunda.

“We are at different levels of engagement for approvals to do remittances,” Eniolorunda said in an interview. “We want to deploy banking to other countries.”

Founded in 2015 to provide infrastructure and payment solutions in Africa’s most populous nation, Moniepoint has seen rapid expansion taking advantage of Nigeria central bank’s cashless drive and widespread insecurity that has promoted the use of digital platforms for payments, according to Eniolorunda.

The Financial Times earlier reported that the funding round gives the company so-called unicorn status, or a value of more than $1 billion, citing unidentified people familiar with the company.

That puts the firm in the ranks of other players like Flutterwave, OPay and Jumia Technologies AG that have all achieved or surpassed the elusive valuation by exploring the Nigerian market.

Moniepoint processes 800 million transactions, worth about $17 billion every month, according to Eniolorunda.

The company is looking to start inventory management “soon” to complement other banking services including debit cards, savings, lending and payments, he said.

Federal Competition and Consumer Protection Commission (FCCPC) has issued a stern warning to banks in Nigeria regarding the disruptions to online banking services.

The commission expressed concern that these disruptions hinder customers from accessing funds, making payments, and completing essential transactions.

In a statement on Tuesday, Mr Tunji Bello, executive vice chairman and chief executive officer, FCCPC, emphasised that “these disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.”

The commission highlighted that under the Federal Competition and Consumer Protection Act of 2018, customers have rights that ensure fair and accountable service delivery, including the right to quality service.

Bello added that the commission is currently collaborating with relevant regulatory authorities and financial institutions to address the service disruptions and ensure consumer protections are enforced.

“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers. The commission will pursue all necessary actions to uphold the protections of the FCCPA,” Bello assured.

The FCCPC noted that when banks fail to maintain access to essential services, they may breach these standards, potentially leading to “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.”

Bello stated that as Nigeria’s economy shifts toward a cashless system, interruptions to online banking are becoming more than mere inconveniences; they are perceived as violations of consumer rights.

The commission further stressed that service providers are obligated to be transparent and communicate effectively during service disruptions.

“Regrettably, many consumers are left in the dark,” the FCCPC stated, which increases frustration and feelings of neglect among customers.

Bello noted that the lack of clear communication constitutes a failure to meet the FCCPA’s standards for consumer rights.

In response to these ongoing issues, the FCCPC is reviewing the situation to determine if customers’ rights to redress are being upheld.

“We urge banks and financial institutions to take swift action to restore services, prioritize customer support, and enhance communication,” he said.

Bello assured affected customers that their concerns are being taken seriously, stating, “We are committed to safeguarding the rights of Nigerian consumers and ensuring that every service provider adheres to the statutory mandates provided in the FCCPA 2018.”

Customers experiencing issues are encouraged to report their complaints through the FCCPC’s website or email.