Financial Inclusion Will Boost Economic Growth, Says SEC DG

The Securities and Exchange Commission, SEC, at the weekend reiterated its resolve to pursue initiatives that would aid financial inclusion of Nigerians as this is capable of growing the nation’s economy.
Acting Director General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk stated this in her remarks at the 2018 PEARL Awards Night held in Lagos, Sunday.
Uduk said that the SEC 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.
She said “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.
“A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth–and will create million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective”.
While commending the efforts of the Board of Governors and Management of PEARL Awards Nigeria, for giving consideration to companies with good corporate governance practice in the award nomination process, Uduk also enjoined them that in future editions, emphasis should also be given to companies with technological innovation in the capital market, in the advent of the convergence of Finance and Technology – FinTech.
Uduk also said the SEC is implementing various initiatives which are aimed at making our market deeper, vibrant and more effective.
According to her “The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so.
“We have also developed a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors. The first step would involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. Secondly, Rules would be developed around the time frame for transmission shares and the fee structure”.

Photo caption: President Nigeria Stock Exchange, Mr. Abimbola Ogunbanjo (right) discussing with Acting Director-General of the Securities & Exchange Commission (SEC), Ms. Mary Uduk, at the 2018 PEARL Awards ceremony at the weekend. With them are: the President, Association for the Advancement of the Rights of the Nigerian Shareholders and chairman of the PEARL Awards, Dr. Faruk Umar (second right); Acting Executive Commissioner Operations, SEC, Isyaku Tilde (left); and Chief executive, PEARL Awards, Tayo Orekoya.