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SEC Nigeria Sets Up FinTech Roadmap Implementation Committee...

SEC Nigeria Sets Up FinTech Roadmap Implementation Committee to Regulate the Finance Ecosystem in the Country, Including Cryptocurrencies, Virtual Financial Assets and ICOs

The Securities and Exchange Commission (SEC) Nigeria has fully inaugurated the Fintech Roadmap Implementation Committee in Lagos. 

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Embracing FinTech Roadmap in Nigeria

In 2019, Ms Mary Uduk, the acting Director General of the Commission disclosed the plans at the 2019 Capital Market Committee briefing in Lagos.  In her statement, she reiterated that the support of SEC Nigeria to the development of a robust Fintech industry will be beneficial to the finance ecosystem.

She however emphasized the need to embracing Fintech as an enabler and not a competitor in the business of finance.

According to Ms Mary, the SEC will continue to engage the Fintech Association of Nigeria and all the key stakeholders to get inputs as the roadmap implementation phase takes effect.

SEC Nigeria Implements Fintech Roadmap

The Nigeria Capital Market Committee formally received and accepted the Report of the Fintech Roadmap Committee and approved the setting up of the recommended implementation committee to drive the actualization of the reports roadmap.

New Chairman and Implementation Areas

Mr. Ade Bajomo, Vice President of Fintech Association of Nigeria was put as the chairman of the committee. Members were drawn from the previous committee and new ones added to enrich the committee.

The recommended areas of implementation for the first quarter of 2020 for Cryptocurrencies, Virtual Financial Assets and ICOs includes:

  • Decide on its preferred classification of crypto-currencies (either as Commodities, Securities or Currency)
  • Develop a framework for the regulation of VFAs and VFA Exchanges
  • Develop a framework for the regulation of equity-based crowdfunding
  • Issue guidelines and standards for White Papers and ICOs
  • AML and KYC Procedures – Develop a framework for KYC and due diligence for crypto-currencies, VFAs, tokens and ICOs
  • Enforce adoption of best practice in Cyber Security and Information Governance
  • Define clear taxonomies of tokens based on their nature, characteristics and economic realities as their determining factors.
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The SEC Nigeria in 2019 set up a Working Group, the VFA (Virtual Financial Assets), that made their preliminary report presentation to the Capital Market Committee and will soon make the final report available for public input.

According to the Founder & Coordinator of Blockchain Nigeria User Group (BNUG), Chimezie Chuta, who has been part of both the Fintech Roadmap Committee, the VFA Working Group and the Implementation committee:

The most interesting aspect of this whole thing is the decision by SEC Nigeria to setup an agile Fintech Innovation Unit at the SEC Nigeria office to, among other things, manage investor relationship

Chuta Chimezie Leader of Blockchain Nigeria User Group

And these includes:

– Engaging and providing regulatory clarification to new entrants into the space.

– Facilitate regulator-innovator market engagements

– Coordinate the communication and dissemination of relevant industry information

– Provide support and advisory services to the industry.

Other areas that will be driven by the committee are Accelerating investments, Directory Services and Capacity Building. The SEC Fintech roadmap will properly regulate the Finance ecosystem in Nigeria.

[…]this is the first time an agency of government in my lifetime has acted proactively for the interest of innovation in my country Nigeria, added Chimezie

With a lot going on in the country right now, the Nigerian Securities and Exchange Commission deserves all the accolades it can get for creating such a vital committee. Various subcommittees were also created to make the work easier for the committee. I have put together the information on the Nigeria Capital Market newly constituted Fintech Roadmap Implementation Committee.


Progress Walk for BNUG and The SEC

Earlier this week, Blockchain Nigeria User group (BNUG), entered a partnership with Quras Blockchain to foster strong ties Between the African and Asian community and expand its developer base beyond the two continents ahead of its mainnet launch in early April.

BNUG and QURAS Partnership

Later in March, the SEC will is hold a training programme for Capital Market Operators and Compliance Officers. It is targeted at Compliance Officers and other staff of Issuing Houses, Broker/ Dealers, Fund managers, Investment Advisers, Solicitors who are referred candidates.

The training would cover topics such as Overview of the Financial System, Responsibilities and Conduct of Capital Market Operators, Overview of the Legal Framework of the Nigerian Capital Market, Securities Offering, Trading and Fund management; and Compliance, Anti-Money Laundering and Countering the Financing of Terrorism Activities in the Nigerian Capital Market.

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