The Securities and Exchange Commission (SEC) has cautioned that not all fintech companies applying for registration will be approved, as some may fail to meet the required standards.
Speaking during a meeting with applicants from the Regulatory Incubation and Accelerated Regulatory Incubation Program yesterday, SEC Director-General, Emomotimi Agama, assured that the Commission remains committed to maintaining transparency and fairness in its regulatory activities.
Agama emphasized that the registration process is complex, involving not only onboarding but also ongoing monitoring, education, and risk management.
“Registration is the foundation of regulation,” he said, adding that the Commission aims to ensure that all decisions align with international standards and serve Nigeria’s interests.
SEC has provided a level playing field for all applicants but stressed the need for caution in its drive for inclusivity.
“This is a new journey with challenges, but every challenge is solvable,” Agama noted. The Director General explained that the Commission collaborates with key stakeholders, including the Central Bank of Nigeria, Nigeria Financial Intelligence Unit, and Federal Inland Revenue Service, to ensure its regulations are robust and widely accepted.
