The FinTech Roadmap Committee was inaugurated by the Securities and Exchange Commission (SEC) on the 14th of November 2018 at SEC’s 3rd quarter Capital Market Committee meeting. The Committee was set-up to address the application of financial technology (FinTech) in the Capital Market.
The FinTech Roadmap Committee released its report (the FinTech Roadmap) at its 2nd Committee meeting held on 22nd of August 2019.
The report gives an in-depth analysis of the attributes of successful FinTech Hubs like China, Singapore, the United Kingdom and Malta, and points out the challenges, infrastructural and otherwise, that contribute to the setbacks that the Nigerian economy faces in this regard.
The report makes strong recommendations, including the fostering of collaborations between SEC and other Government agencies, for the purpose of beefing up consumer protection, data privacy and cybersecurity; and goes a step further by providing timelines for the implementation of the said recommendations.
Finally, the report recommends the steps that can be adopted in the capital markets space in order to elevate Nigeria to FinTech Hub status.
Download the report here.