E-Financial
SEC, Stakeholders Harp on Fintech, Collaborations for Capital Market Efficiency
The Securities and Exchange Commission (SEC) and other stakeholders in the Nigerian capital market, have championed the adoption of technology and fintechs in the development of innovative products critically needed for capital market efficiency.
This was revealed over the weekend at the 12th annual conference of the Institute of Capital Market Registrars (ICMR) with the theme: “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.”
Speaking on the topic; “Empowering market participants through education and capacity building,” the Executive Commissioner, Operations, SEC, Dayo Obisan, urged registrars to first of all identify the participants in the sector, which has changed due to technology, in order to educate them.
He said, “The market has changed. There has been a lot of dynamics. A lot of people use the word, fintechs loosely but a lot is happening in that space and that was one of the reasons we had to quickly revise the capital market master plan. Back then, there were no fintechs, there were no digital brokers, there were no robot advisors, but we now have those, and we had to quickly register.”
Ade Bajomo, the President, FinTech Nigeria, during his keynote address urged capital market operators to harness technology’s potential to boost their operations while being cautious of associated risks.
Bajomo said, “Technology has the potential to be a powerful equaliser and if our industry is to play a part in the fifth industrial era, then we must have capital market operators use the technology. It has been proven time and time again that those who exploit technology in a certain manner will keep competitive advantage.
“We must also be mindful of the potential risks in the use of the technology in our capital market. We must ensure we have appropriate regulatory framework in place to protect investors and maintain market integrity. In conclusion, the power of technology in transforming the capital market is undeniable. However, we must use this power responsibly and with caution.”
In his presentation at the conference, Professor of Capital Market, Uche Uwaleke, advised companies to diversify their business operations in order to weather the economic headwinds in the country.
He said innovation and resilience are essential for sustainable business growth in an uncertain world.
“Core principles of business resilience include risk identification, contingency planning, diversification, innovation, and strong relationships with customers and suppliers.
“Strategies for sustainable business growth during uncertain times include developing new products and services, adopting new technologies, creating sustainable business models, focusing on innovation management, building a strong brand and reputation, leveraging customer-centric innovation, data-driven decision-making, and nurturing strong relationships with customers and suppliers,” he said.
Speaking at the event, the Chief Executive, Central Securities Clearing System Plc, Haruna Jalo-Waziri, said, “One of the reasons everyone had to accommodate the fintechs in the banking space was that the entry of the fintechs was translating to the growth of the market.
“So even though they came in as fringe players, they brought in a lot of innovations. So those who are traditional are beginning to say, ‘If we remain traditional, we will lose relevance in this market.’ And that’s why every bank today is investing in a fintech with all the HoldCos coming up or strategically supporting a fintech brand.
Jalo-Waziri, who was represented by a director at the CSCS, Tobe Nnadozie, added “If we want this market to grow, we need to encourage fintech so that they can come in and bring very innovative products.”
In his welcome remarks, the President/Chairman of Council, ICMR, Oluseyi Owoturo, said the theme of the conference had been premised on the challenging economic conditions of the country.
He said, “At this conference, owing to the weakened macroeconomic environment, surging inflation that is pushing millions of Nigerians into poverty amidst global commodity shocks, depreciating currency, trade restrictions, steady decline in per capita income, fall in real GDP growth to 3.3 per cent in 2022 from 3.6 per cent in 2021, and the dramatic alteration of the capital markets over the past few decades through technology-induced innovations such as electronic exchanges and high-frequency trading; the Institute would want us to deliberate on how Nigeria is navigating these economic realities. Consequently, our theme for this year’s conference is “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.”
“It is our desire that this conference should expose what should be done to regain economic momentum through the capital markets in Nigeria, discover the secrets of navigating uncertainties in the economy, and how innovative technology could help transform and expand the capital market.”
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.
This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.
“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.
He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.
The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.
Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.
“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.
“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.
She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.
“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.
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