Acting Director General of the Securities and Exchange Commission, SEC, Mary Uduk has said that Technology when properly leveraged will reduce the cost of doing business in the capital market.
This Uduk said, is one of the reasons why the apex regulator of the Nigerian Capital Market is encouraging the introduction of technology in the market.
According to Uduk “We know that technology is driving a lot of things in the financial system at the moment. For instance, in the banking system, technology is driving the payment system. Even with phones people can buy, make payments and even obtain loans among others. We have seen that there is a lot of innovation and cost reduction in the money market due to technology, and so we also want to do the same in the capital market.
“To this end, the Capital Market Committee has set up a Road Map committee to come up with a guide for the capital market to enable us also leverage on technology to do business and reduce cost.
The Acting DG disclosed that the Commission already has a Division dedicated to Fintech that will help look at all the technologies that relate to the capital market surrounding ICOs, among others.
She said that in the capital market, technology has assisted in improvements of processes like the use of Block chain to enhance settlement, and the use of technology to drive the platforms through which people are now able to come in to invest.
“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 a 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” she added