The Securities and Exchange commission (SEC) through its acting Director General, Mrs Mary Uduk revealed it’s aim of using technology to drive the Nigeria Capital Market, thereby reducing the cost of doing business.
On this regard, Mrs Uduk said that the apex regulator is making efforts to introducing technology in the capital market.
While speaking, she said: “We are aware that technology is currently improving a lot of things in the financial system. For example, in the banking system, technology has improved the payment system. Just with phones, people can purchase, make payments, obtain loans and more.
“We have also seen that there has been a lot of innovation and reduction of cost in the money market as a result of the introduction of technology, Therefore, we also want the same thing to happen in the capital market.
“To this regard, the Capital Market Committee has introduced a Road Map committee to help provide a guide for the capital market so as to enable us leverage on technology for business purposes and also cost reduction.”
Mrs Mary Uduk further made it known that a division dedicated to Fintech has already been instituted by the Commission. This division is to research and look into different technologies and see how they relate with the Capital Market ICOs and others.
She noted that there have been improvements in the Capital Market due to technology. One of such improvements is the use of the Block Chain Technology to augment settlement and also providing different investment platforms which people are starting to have interest in.
“The Introduction of financial technology has made it possible to use digital tools in making financial services available to a large range of enterprises and consumers, it has promoted financial inclusion and also made financial services affordable.
“A financially inclusive society will certainly increase access to financial services, most especially for women, it will help to support and sustain growth in business and as well create more jobs opportunities.”
She affirmed that there are so many benefits of having a more inclusive financial system as it will help broaden the financial markets and also make their policies more effective.
With Nigeria still having a developing market structure, there is need to look for ways of revamping and improving the structure of the capital market to a better and developed position. Hopefully, Technology can be the revolution for Nigeria as it has been used by stock markets all over the globe.