E-Financial
SEC to Include Cybersecurity, AI in Curriculum Review – DG
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.
E-Financial
SEC Restates Commitment to Transparency in Fintech Regulation
Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.
Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.
Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.
The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.
He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.
“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.
“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”
Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.
He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.
E-Financial
Ecobank Warns against Fraud during Yuletide
Ecobank Nigeria has cautioned customers to be vigilant against fraudsters during the Yuletide while promising uninterrupted access to banking services through its digital platforms throughout the holiday season.
In a statement on Monday, Adeola Ogunyemi, head, Consumer Banking at Ecobank Nigeria, emphasised that customers can continue their shopping and transactions smoothly via the bank’s various digital channels.
Ogunyemi highlighted the Bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.
Ecobank Nigeria is an affiliate of the Ecobank Group, the leading pan-African banking group.
The bank offers a comprehensive suite of financial services and solutions to consumer, commercial, corporate, and investment banking customers at over 240 branches and 35,000 Xpress Point agencies across Nigeria.
E-Financial
CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season
Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This arrangement, aimed at addressing seasonal foreign exchange (FX) demand, will be effective from December 19, 2024, to January 30, 2025.
In a statement signed by T.G. Allu, CBN’s acting director of trade and exchange, the apex bank said BDC operators would buy FX from authorized dealers—banks licensed by the CBN—exclusively to meet retail market demand.
“To meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NAFEM for the purchase of FX from Authorized Dealers, subject to a weekly cap of $25,000,” the statement read.
BDC operators must fully fund their accounts before accessing the market at prevailing NAFEM rates, choosing only one authorized dealer for transactions under this arrangement. A maximum price spread of 1% is allowed for retail pricing by BDCs, and all transactions will be reported to the CBN’s Trade and Exchange Department.
The CBN reiterated that personal travel allowance (PTA) and business travel allowance (BTA) remain available through banks for legitimate travel needs. The bank emphasized that all FX transactions must be conducted at market-determined exchange rates.
“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility,” the statement added.
Earlier in September, the CBN approved FX sales to eligible BDC operators at a rate of N1,590 per dollar to cater to demand for invisible transactions, reflecting ongoing efforts to stabilize the FX market.
- Telecom1 day ago
Airtel Africa to Return $100m to Shareholders via Share Buyback
- Telecom2 days ago
From Niche App to Global Giant: TikTok’s Controversial Journey
- Telecom2 days ago
Group Advocates for Digital Rights at 2024 Internet Governance Forum
- Broadcasting2 days ago
Aero Contractors Celebrates Long-Serving Employees at Award Ceremony
- E-Financial2 days ago
CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season
- Telecom2 days ago
Patricia Technologies Begins Repayments to Customers Affected by 2022 Security Breach
- Broadcasting1 day ago
Africa Magic Announces Call for Entries for 11th AMVCA
- News1 day ago
Egueke, Former Bank Manager Jailed for $46,900 Fraud