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Business News of Tuesday, 21 June 2022

Source: www.thisdaylive.com

SEC reiterates commitment to financial inclusion drive

Securities and Exchange Commission Securities and Exchange Commission

The Securities and Exchange Commission (SEC), has reiterated its commitment to ensuring every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government.

The Director-General, SEC, Lamido Yuguda who stated this at the inaugural conference of Oriental News Nigeria with the theme: “Engaging with critical groups to develop effective financial inclusion initiative” held in Lagos, assured that the Commission is committed to ensuring that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.

Represented at the conference by Sa’adatu Faruk, Head of Financial Inclusion Division, Market Development Department SEC, Yuguda said Financial Inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services. The products and services he stated, must meet the needs of individuals and businesses and must be delivered sustainably and responsibly.

According to him, “Achieving Financial inclusion involves the coming together of multiple stakeholders, from Federal Government, policymakers, regulators to private industries, including employers, educational systems, communities and individuals. There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.

“In order to reach the 95per cent financial inclusion target, we must first and foremost recognise the imperative for prioritizing financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion.”

The SEC Boss assured that with the help of the fast-growing Fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.

Yuguda disclosed that the commission has created new standards and rules for the registration and operations of FINTECH firms in the market to ensure compliance with global standard and adequate protection of investments.