SEC pledges commitment to financial inclusion for economic growth

The Securities and Exchange Commission (SEC) have restated commitment to pursue initiatives that would aid financial inclusion of Nigerians to grow the nation’s economy.

Securities and Exchange Commission Ms Mary Uduk, SEC Acting Director-General, stated this in her remarks at the 2018 PEARL Awards Night held in Lagos.

Uduk said that the SEC would continue to highlight and promote developments and trends in the Nigerian Capital Market and drive financial inclusion aimed at reducing adult exclusion from financial services.

She said: “Innovations in financial technology has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.”

According to her, a financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create million more jobs.

“The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective,” Uduk said.

She commended the efforts of the Board of Governors and Management of PEARL Awards Nigeria, for giving consideration to companies with good corporate governance practice in the award nomination process.

Uduk also enjoined them that in future editions, emphasis should also be given to companies with technological innovation in the capital market, in the advent of the convergence of Finance and Technology – FinTech.

She said that the commission was implementing various initiatives aimed at making the market deeper, vibrant and more effective.

Uduk noted that the forbearance window for shareholders with multiple subscriptions had been extended by another year from the Dec. 31, 2018 deadline previously communicated to Dec. 31, 2019.

She, however, enjoined those who have not come forward for the regularisation of shares purchased with multiple identities to do so.

“We have also developed a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors.

“The first step would involve the engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. Secondly, rules would be developed around the time frame for transmission shares and the fee structure,” Uduk said.