FG pledges to tighten fintech regulations

The Federal Government through its Securities and Exchange Commission has reaffirmed its commitment to safeguarding investors by strengthening its regulatory oversight in the rapidly expanding fintech sector.

In a statement on Sunday, the SEC Director-General, Emomotimi Agama, disclosed this during a one-day capacity training for financial journalists in Abuja.

Agama assured stakeholders that the Commission would enforce regulations to curb fund mismanagement and ensure fintech operators comply with capital market rules.

“It is time for fintech operators to be held accountable to the rules of the capital market, particularly when raising funds,” Agama said, emphasising the need for a regulatory environment that fosters innovation while maintaining investor protection.

In a panel discussion at the event, the Director of the Registration, Exchanges, and Market Infrastructure Department at the SEC, Hasfat Rufai, acknowledged the challenges brought by the rise of digital platforms, cryptocurrencies, and fintech startups.

Rufai highlighted the Commission’s commitment to ensuring that investors’ interests remain protected despite these new disruptions.

“While these trends bring new opportunities, they also come with challenges, particularly around regulation and investor protection,” she noted.

Rufai further elaborated on the transformation of the investment landscape, stating, “The digital age has transformed the investment landscape, offering greater accessibility, innovation, and opportunity. Investors must adapt to this evolving environment by embracing technology, seeking knowledge, and making responsible investment choices.”

The PUNCH reported that the Securities and Exchange Commission has cautioned investors and the general public against engaging with Marino FX Ltd, which is falsely claiming to be an SEC-licensed cryptocurrency exchange.