SEC To Discuss Nigerian Fintech Roadmap As First CMC Meeting Holds Wednesday

The Securities and Exchange Commission (SEC) has revealed that it will discuss the ten-year capital market master plan and implementation of the Fintech Roadmap in the first Capital Market Committee (CMC) meeting in 2022.

SEC revealed this in a statement on Monday while announcing April 6, 2022 as the date for the quarterly meeting.

The CMC is an industry-wide committee comprising members of the Commission, representatives of capital market operators and trade groups and other stakeholders.

The Commission said, “During the meeting, issues bordering on implementation of the Ten Year Capital Market Master Plan, implementation of the Fintech Roadmap as well as other salient matters relating to the capital market and the economy would be discussed.

“The Commission had unveiled the ten-year Capital Market Master Plan (CMMP) in November 2014 and has continued to implement the initiatives, which are designed to reposition the Nigerian Capital Market as an attractive investment destination and a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.”

SEC said the attendance to the event is strictly by invitation adding invited participants will be sent unique links with which to join the meeting.

The CMC was primarily set up to serve as a medium for exchange of ideas and feedback to the SEC among market stakeholders.

So far, the SEC said the CMMP initiatives that have been implemented include; Direct Cash Settlement, regularisation of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-Dividend Management System.

SEC added, “The CMMP initiatives have helped in promoting transparency, protecting investors and enhancing market confidence. The objectives of the CMMP are also in consonance with the Federal Government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth.”

Some of the participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.).

The Chief Executive Officers of: Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others are expected to be in attendance.