SEC Cautions Fintech Applicants: Not All Will Be Registered
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has cautioned that not all fintech companies that have applied for registration will be approved.
SEC Director General, Dr. Emomotimi Agama, noted that the registration process is rigorous and requires applicants to meet specific requirements.
While acknowledging the anxiety among fintech companies seeking regulatory approval, Agama stressed the importance of careful and thorough evaluation to ensure the integrity and stability of the fintech ecosystem.
“The process of registration is a very technical process because registration is the hallmark of regulation,” Agama stated during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Programme applicants. “It goes beyond onboarding and registering; it requires monitoring, education, surveillance, and all of these are continuous.”
Agama assured stakeholders that the SEC is committed to transparency and fairness throughout the registration process. Every application is reviewed meticulously to ensure compliance with international best practices and the interests of Nigerian investors.
He highlighted the importance of collaboration with other regulatory bodies, including the Nigeria Financial Intelligence Unit, the Office of the National Security Adviser, the Central Bank of Nigeria, and the Federal Inland Revenue Service, to ensure a harmonized regulatory framework.
The SEC has also issued new regulations for public consultation, seeking input from stakeholders to refine the regulatory framework and address evolving industry needs. Agama emphasized the importance of stakeholder feedback in shaping a comprehensive and effective regulatory regime.
The SEC recognizes the significant potential of the fintech sector and its contribution to economic growth. However, the Commission remains committed to protecting investors and ensuring the stability of the financial system.
Agama urged all stakeholders to cooperate and work together to build a robust and sustainable fintech ecosystem that benefits all Nigerians. He emphasized the importance of adhering to regulations and maintaining high ethical standards to attract international investment and position Nigeria as a leading player in the global fintech landscape.
