SEC to deepen financial inclusion efforts across all segments

The Securities and Exchange Commission (SEC) has reiterated its commitments to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government.

The SEC assured that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.

The assurance was given at the inaugural conference of Oriental News Nigeria with theme: “Engaging with critical groups to develop effective financial inclusion initiative” which held on Thursday in Lagos.

Director General SEC, Lamido Yuguda assured that with the help of the fast growing Fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s  financial systems, through  the enabling channels, including the capital market, insurance and savings.

Represented at the conference by Adatu A Faruk, Head Financial Inclusion Division, Market Development Department  SEC, the SEC DG said that the commission has created new standards and rules for registration and operations  of FINTECH firms in the market to ensure compliance with global standard and adequate protection of investments.

The SEC DG reassured that the licenced Fintech companies  will further speedy financial inclusion policy of the federal government, as well as ensuring adequate protection for their financial/ investment transactions.

Also, speaking at the conference, Commissioner for Insurance of the National Insurance Commission, NAICOM, Mr Sunday Thomas, assured Nigerians that the micro insurance schemes established by the Commission, through licencing of  some companies to operate in the segment is focused at ensuring that Nigerians at the grassroots level are not left out of the budding Nigerian financial enterprise.

Represented by Rasaaq Salami, Deputy Director/Head Corporate Communications & Market Development,  NAICOM, Thomas said that micro insurance provides the leeway to protecting your property, safeguarding your belongings  from damages or loss  and ensuring you do not suffer loss when the unexpected damage or loss occurs.

It also safeguards traders or businesses of artisans and petty traders whenever they wares are destroyed, damaged or stolen.

“Micro insurance is a way of safeguarding your property or business from any unforeseen event,and when it happens, what ever loss you ensured against will be reimbursed you,”  the commissioner for Insurance assured on financial inclusion.

On his part, Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Dambatta, reiterated that the best approach towards benefitting from globalised digital economy is to be financially conclusive.

Dambatta, who was represented by Mrs Freda Ruth Bruce-Bennet, Deputy Director, Digital Economic Department, stated that the NCC in it pursuit to ensure that more Nigerians are included financially, is committed to  training and retraining of  youths IT experts, Hackathons, and establishing Hubs across the country to ensure steady and speedy expansion of financial inclusion policy to benefit every strata of the society.

The EVC, said that without effective skills committed to driving the process, digitalisation of the through the financial services ecosystem would have been retarded.

Executive Director, Centre for Citizens with Disability (CCD) David O. Anyaele however called on the federal government as well as the Central bank of Nigeria (CBN)  to expand the nation’s  financial inclusion policy to include provisioning for the disabled people in the society.

He bemoaned the sustained lack of considerations for the disabled in the Nigerian financial system through different kinds of neglect and rights denials.

Anyaele stated that audit of bank branches across the country showed the total absence or lack of  access and convenience facilities for the disabled.

He admonished prevailing attitudes of the financial systems against the disabled, describing it as major institutional barrier to financial inclusion

The conference Chairman, Dr Uju Ogubunka, CEO, Bank Customers Association of Nigeria, in his address stated that  the financial inclusion policy of the federal government which commenced in 2012 is geared towards ensuring that no Nigerian is short changed in its financial intermediations policies and economic development plans.

Ogubunka said that the government  then out of the 84 percent financially excluded population, targeted to achieve 20 percent financial inclusion by year 2020.