Innovation and FinTech Portal

Welcome

 Welcome to FinPort, the SEC’s Portal where innovations and Financial Technology (FinTech) are encouraged and facilitated. The SEC believes that the driver to transforming Nigeria into a smart financial centre is the provision of a regulatory environment that is conducive for innovative use of technology. FinPort has been established to assist all new and even existing Financial Technology (FinTech) businesses to understand the regulatory demands or requirements relevant to the Nigerian capital market.  

The Securities and Exchange Commission Nigeria as the apex regulator of the Nigerian Capital Market, is empowered by the Investment and Securities Act 2007 to regulate and develop the Nigerian Capital to ensure fairness, integrity, ease and freedom of participation (entry & exit). In that light, the SEC is always fully alert in tracking new developments in the financial markets in general and the Capital Market in particular.  The evident preponderance in the Nigerian Financial Markets as in other global markets, of new innovations aimed at enhancing financial products and services through the application and utilization of technology tools among others, necessitates the creation and adoption of adequate processes and tools to satisfactorily deliver on the Commission’s mandate.

 

The financial innovation landscape as agreed by all, is an evolving one. The Commission like regulators all over the world, is prepared to evolve with it. It has put mechanisms in place to understand these new innovations, build required capacity and subsequently deploy strategies to address them. This process is an ongoing one and the Commission is deeply committed to this new phase and face of our Capital Market. 

 

In the Commission’s resolve to facilitate innovation in the Nigerian Capital Market, it has articulated and adopted a three-pronged objective to regulate innovation. While it is both accommodating and futuristic, it also ensures adherence to our regulatory mandate and aims to provide confidence to all stakeholders. This objective hinged on safety, market deepening and solution to problems as outlined below, will guide our strategy, our regulations and our interaction with innovators seeking legitimacy and relevance, thereby creating value in the Nigerian Capital Market.

 

Three-pronged Objective to Regulate Innovation in the Nigerian Capital Market

 Indeed SEC Nigeria is committed to a journey whose destination though uncertain will undoubtedly experience different turns, several weather conditions and diverse vehicles. All stakeholders are urged to come on board and commit to developing a Capital Market that will contribute in a more resounding way, to the economic development of our Nigeria.

 

 

SEC Innovation Initiatives

SEC Innovation Progress Achieved

Meeting Calendar with FinTech Firms

Report of the FinTech Roadmap Committee of the Nigerian Capital Market

At the 2nd Capital Market Committee Meeting of the year, which took place on Thursday, August 22, 2019, the Report of the FinTech Roadmap Committee of the Nigerian Capital Market was presented to and accepted by the Capital Market community. The Report highlights the current application of FinTech in the market, opportunities, challenges and recommendations.

Stakeholders are hereby invited to comment and provide feedback on the Report. Please send your comments via fintech@sec.gov.ng on or before COB Friday, September 20, 2019.

 

<<Click to download full Report>>

Frequently Asked Questions: Innovation Focus

  1. What is regulatory innovation?
  • It is the regulatory response to advancement in financial innovation.
  1. Is the plan by Regulators to regulate innovation an attempt to stifle innovation and
    entrepreneurship?
  • No. Rather it’s a concerted effort to support innovation and make it safe for
    investors, operators and the Capital Market in general.
  1. What internal structure has the Securities & Exchange Commission introduced so far,
    to support innovation?
  • The SEC has created a Fintech and Innovation Office (FINO) to facilitate internal &
    external information dissemination, communication with innovators and
    provide guidance on regulatory requirements.
  1. What other roles does the Fintech and Innovation Office (FINO) play?
  • It reviews submissions from FinTech firms and coordinates collaboration between
    operational departments of the SEC which supervise and monitor products
    and processes in the Capital Market.
  1. How can one access the FinTech and Innovation Office?
  • Via e-mail-innovation@sec.gov.ng.
  • Via Telephone: +234(0)946211159 (Ext. 1277, 1432), +234(0)946211277, +234.909.6226008
  • Via the FinPort contact form
  • visit the FINO (FinTech & Innovation Office) at SEC Head Office in Abuja
  1. Does the SEC have an engagement plan with the FinTech community?
  •     Yes the SEC has an engagement timetable with various discovered FinTech Firms. This engagement timetable will be expanded as more firms are discovered.
  1. What other external mechanisms has the SEC deployed to understand the FinTech eco-system? 
  •        The SEC has inaugurated the FinTech Roadmap Committee in November 2018, comprising FinTech entrepreneurs, technology experts, Capital Market trade groups, financial sector regulators, banks, legal Firms, innovation hubs and FinTech organizations.
  1. What is the mandate of the FinTech Roadmap committee? 
  •          To produce a snapshot of the current status of FinTech developments in the Nigerian Capital Market and propose a holistic plan for facilitating & developing FinTech as a tool for deepening the Market.
  1. What is the status of progress made by the Fintech Roadmap Committee? 
  1. How many FinTech and innovation firms has the SEC engaged so far?
  1. Has the SEC engaged with any innovation hub in the country?
  •          Yes the SEC has engaged with innovation hubs in Abuja and Lagos and is in constant communication with them.
  1. Have any FinTech firms come forward to apply for regulation?
  •          Yes a number of FinTech Firms have applied for permission to operate.
  1. Has any FinTech Firm received approval from the SEC?
  •          Two FinTech firms have been approved for registration by SEC Management.
  1. What is the status of the registration process of FinTech firms approved by the SEC?
  •          Some Rules are in the process of being amended to facilitate their registration.
  1. How long before the registration is achieved?
  •          Before the end of the fourth quarter of 2019.
  1. Will FinTech firms already operating be closed down immediately they come forward to engage the SEC?
  •          The SEC will not close down any firm immediately it comes forward. Rather the firm will be assessed on its risk exposures and guided towards coming under SEC regulation. However, if its operations are too risky for investors, it will have to accept and operationalize SEC guidance on investor protection and market stability.
  1. How long will it take to receive SEC approval to offer a FinTech product or process?
  •          The length of time depends on the nature of product and whether or not the SEC has existing Rules or Guidelines to regulate them.
 
  1. Via e-mail- innovation@sec.gov.ng

  2. Via Telephone –+234(0)946211159 (Ext. 1277, 1432), +234(0)946211277, +234.909.6226008

  3. visit the FINO Office at SEC Tower, Abuja

  4. Via this Form: