Thursday, May 13, 2021

Financial inclusion will aid economic growth, says SEC

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Emman Tochi
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

Securities and Exchange Commission (SEC) has reiterated its commitment to pursuing initiatives that would aid financial inclusion of Nigerians as this is capable of growing the nation’s economy.

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

She said that SEC will 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.

According to her, 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.

“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.

While commending 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).

Uduk also disclosed that the SEC is implementing various initiatives which are aimed at making our market deeper, vibrant and more effective.

She noted that the forbearance window for shareholders with multiple subscriptions has been extended by another year from the previous deadline of December 31, 2018 to December 31, 2019, urging those who have not come forward for the regularization 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 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.

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