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Financial literacy: SEC to partner other regulators

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The Securities and Exchange Commission (SEC) has expressed its readiness to strengthen collaboration with other regulators in the financial industry in Nigeria, to boost its financial literacy campaign.

Mr Edward Okolo, SEC’s Director, Market Development Department made this assertion this in statement signed by the Head of Media of the commission, Mrs Efe Ebelo on Sunday in Abuja.

 Okolo was quoted to have made the comment during an advocacy visit by the Financial Literacy Technical Committee of SEC, to the National Insurance Commission (NAICOM) in Abuja.

He said the collaboration was to ensure that Nigerians both in the urban and rural areas, were effectively sensitised on the benefits of financial literacy.

Okolo said the visit was also an effort to further strengthen collaboration between the committee and NAICOM.

He expressed appreciation to NAICOM for being a member of the committee in helping to pursue financial literacy awareness in the market.

He described the insurance industry as one of the veritable tools of raising money in the market.

He further emphasised the need to explore avenues of enlightening the states on insurance during the SEC’s regular enlightenment campaigns.

“As we market the capital market, NAICOM can also market insurance products during such campaigns.

“This collaboration will further strengthen our base and the financial side of the economy.

“Our sustenance is going to be based on how we can strengthen the market and introduce new products,” he said.

Also commenting, a member of the Committee, Mr Omagbitse Barrow, said the story in the financial sector needed to be told more holistically by all agencies involved.

Barrow said: ” We need to be in agreement as well as understand what we do to be able to forge a united front.”

“Already, we are making use of various channels like social media, training students on over the counter and other financial products to enlighten Nigerians.

“Our focal area is to get people to understand more about the things we are doing and explore areas where we can collaborate as fellow regulators.

“We need to pay more attention to financial literacy and use it as a fulcrum to deepen the quality of participation and create more value for the industries. 

“We want to continue to have more co-operation with a unified front to drive financial literacy and when that happens, the market will respond appropriately.” 

Responding,  the Director, Inspection of NAICOM, Mr Barineka Thompson commended the committee on its work, which he said would deepen the financial industry and empower the citizens.

Thompson said the work of the committee would improve insurance products, deepen the market, improve the financial sector and the economy.

“We are glad that you are collaborating with NAICOM. We will mobilise our representation from the industry and this will further enhance the scope of interaction.

“We are interested in the work of the committee and can assure you of our continues support,” he added.

 The Financial Literacy Technical Committee is a Market wide committee of the capital market set up by the Securities and Exchange Commission as part of the Implementation of the 10-year Capital Market Master Plan.

(NAN)

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