The Securities and Exchange Commission has revealed plans to drive capital market participation through financial inclusion.
The Acting Director-General, SEC, Ms. Mary Uduk, revealed this at 2018 PEARL Awards Night in Lagos, Sunday.
Uduk restated the comission’s desire to pursue initiatives that would aid financial inclusion of Nigerians, saying it was capable of growing the nation’s economy.
She said, “The gains of having a more inclusive financial system are enormous, as it helps broaden the markets and make policies more effective. A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create million more jobs.
“The Commission will continue to highlight and promote developments and trends in the Nigerian capital market and drive financial inclusion aimed at reducing adult exclusion from financial services.
“Innovations in financial technology has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.”
Uduk commended the efforts of management of the PEARL awards and said more consideration should be given to companies with good corporate governance practice in the award nomination process.
She added that emphasis should be placed on companies with technological innovation in the capital market, in the advent of the convergence of finance and technology.
Uduk disclosed that SEC was implementing various initiatives aimed at making the capital market deeper, vibrant and more effective.
She said one of the initiatives was the forbearance window for shareholders with multiple subscriptions that had been extended by another year from the December 31, 2018 deadline previously communicated.
She noted that another initiative was the two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors that had been developed.
“The first step will involve engagement with and enlightenment of the probate registry with a view to providing solutions to the cumbersome process of transmitting shares,” Uduk said.
She added that rules would be developed around the time frame for transmission shares and the fee structure.
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