The Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), and other regulatory organizations have reaffirmed their commitment to ensure that the ongoing financial inclusion initiative of the Federal Government reaches every section of society.
They also promised to make more efforts to guarantee that more Nigerians are included in the digitalization of the economy through the financial inclusion program.
The assurance was given at Oriental News Nigeria’s inaugural conference, which was held recently in Lagos and focused on “Engaging with critical groups to develop effective financial inclusion initiative.”
During the conference, SEC Director General Lamido Yuguda stated that with the fast growing Fintech penetration in the economy and financial systems, more Nigerians will be captured and better protected to navigate the nation’s financial systems through enabling channels such as the capital market, insurance, and savings.
Yuguda, who was represented by Adatu Faruk, the Head of the SEC’s Financial Inclusion Division, said the commission has set new norms and procedures for the registration and operation of fintech firms in the market to ensure compliance with global standards and proper investment protection.
He informed stakeholders that licensed Fintech companies will contribute to the federal government’s financial inclusion policy by offering proper protection for their financial/investment activities.
Also speaking at the conference, Sunday Thomas, the Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), assured Nigerians that the Commission’s micro insurance schemes, which were established through the licensing of some companies to operate in the segment, are aimed at ensuring that Nigerians at the grassroots level are not left out of the country’s burgeoning financial enterprise.
Prof. Umar Dambatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC), maintained that being financially successful is the best way to gain from the globalised digital economy.
Dambatta, who was represented by Mrs Freda Ruth Bruce-Bennet, Deputy Director, NCC’s Digital Economic Department, stated that the NCC is committed to training and retraining youths IT experts, hosting Hackathons, and establishing hubs across the country in order to ensure a steady and rapid expansion of financial inclusion policy that benefits all segments of society.
