'Licensed fintech firms will deepen financial inclusion ' | The Guardian Nigeria News - Nigeria and World News

27/06/2022 11:14:00 PM

'Licensed fintech firms will deepen financial inclusion ' | The Guardian Nigeria News - Nigeria and World News

Fintech, Lamido Yuguda

'Licensed fintech firms will deepen financial inclusion ' | The Guardian Nigeria News - Nigeria and World News

The Securities and Exchange Commission (SEC) has stated that the licensed financial technology (fintech) companies will enhance speedy financial inclusion in Nigeria as well as protect investment in the sector.

Director-General of the SEC, Lamido Yuguda, while addressing participants at the inaugural conference of Oriental News Nigeria with theme ‘Engaging with critical groups to develop effective financial inclusion initiative’, in Lagos, at the weekend, assured that with the support of fast-growing Fintech penetration in the financial systems, more Nigerians would be captured and protected to effectively navigate challenges in the financial systems, capital market and insurance through enabling systems and processes

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Photo: Director-General of the SEC, Lamido Yuguda, while addressing participants at the inaugural conference of Oriental News Nigeria with theme ‘Engaging with critical groups to develop effective financial inclusion initiative’, in Lagos, at the weekend, assured that with the support of fast-growing Fintech penetration in the financial systems, more Nigerians would be captured and protected to effectively navigate challenges in the financial systems, capital market and insurance through enabling systems and processes Represented by the Head, Financial Inclusion Division, Market Development Department SEC, Sa’Adatu A Faruk, the SEC boss said the commission has created new standards and rules for registration and operations of Fintech firms in the market to ensure compliance with global standards and adequate protection of investments. He reiterated commitments to ensure that every segment of the society is covered and more Nigerians captured in the ongoing digitalisation exercise. “The Kwibuka event has a Nigerian… Nigeria’s women national team finished fifth at the just-concluded Kwibuka T20i Championship in Kigali, Rwanda The Eighth Kwibuka Women’s T20 Tournament took a new turn with the introduction of a veterans’ exhibition match between Nigeria and Rwanda. Also, speaking at the event, the Commissioner for Insurance, National Insurance Commission, (NAICOM), Sunday Thomas, assured Nigerians that the micro insurance schemes established by the commission, through licensing of some companies to operate in the segment, are focused on ensuring that Nigerians at the grassroots level are not left out of the budding Nigerian financial enterprise.” It may seem overwhelming, but if the nation is genuinely dedicated, e-governance may improve public access to government services, information, dependable security, adequate oversight roles, accountability, and regulations. Thomas, who was represented by the Deputy Director/Head Corporate Communications & Market Development NAICOM, Rasaaq Salami, at the occasion said that the micro insurance provides the leeway to protecting property, safeguarding belongings from damages or loss when the unexpected occurs. “The Kwibuka event has a Nigerian bent, because it was conceived on the back of the bilateral cricket matches between the two countries’ women’s team. Managing Director, APT Securities and Funds Limited, Garba Kurfi, said the financial inclusion policy of the government helps to ensure that funds that could have been deployed for entrepreneurial initiatives do not end up in ‘cupboards at homes’. “You are all aware that Nigeria is a signatory to the United Nations climate protocols, other environmental agreements and has pledged commitments through our National Determined Contribution (NDC), which requires a transition to a low-carbon, greener economy that will help Nigeria meet its unconditional (20%) and conditional (47%) emission reduction targets.

Kurfi noted that the government has recorded remarkable progress in the financial inclusion exercise, adding that more efforts are made to ensure that the economic advantage of the country’s large population translates to financial benefits to the people and institutions. Nigeria’s veterans, who majorly were from the TBS 4’O clock group, chalked 133 for the loss of four wickets in the first inning, while the Rwandan team capped it in 16. What is the significance of this e-governance? For example, the government cannot fully provide social infrastructure unless it knows the nation’s population or how many people live in the country, and it cannot adequately provide educational infrastructure until it has data on children. He said governments at all levels have designed financial support initiatives for rural women, artisans, petty traders and other financially disadvantaged, which can only be extended to people who operate bank accounts. He said that funds are aggregated through savings in banks, investments in capital markets and insurance companies and are further deployed to catalyse economic development through lending and institutional growth. “We lost this but the experience and the bonding has been something that we would look to strengthen. In this article . Because it could tell us a lot about how people act, what they do, and how that affects society as a whole.