Financial literacy: SEC intensifies campaign, seeks increased market participation
The Securities and Exchange Commission has expressed its readiness to strengthen its collaboration with other regulators in the financial sector on the financial literacy campaign.
This, the commission said, would increase participation of investors in the nation’s capital market.
SEC said in a statement that it aimed to ensure that Nigerians, both in the urban and rural areas, were effectively sensitised on the benefits of financial literacy, which would, in turn, lead to an improvement in the economy.
The Director, Market Development Department, SEC, Mr Edward Okolo, during an advocacy visit by the Financial Literacy Technical Committee to the National Insurance Commission, in Abuja, said the commission sought to further strengthen collaboration with NAICOM 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, stressing the need to explore avenues of enlightening states on insurance during the SEC’s regular enlightenment campaigns.
Okolo said, “As we market the capital market, NAICOM can also market insurance products during such campaigns. This collaboration will further strengthen our base and strengthen the financial side of the economy.
“Our sustenance is going to be based on how we can strengthen the market and introduce new products.”
A member of the committee, Mr Omagbitse Barrow, said more attention needed to be paid to financial literacy for it to be used as a fulcrum to deepen the quality of participation and create more value for the industries.
He said, “We want to continue to have more co-operation with a unified front to drive financial literacy. When that happens, the market will respond appropriately.”
The Director, Inspection, NAICOM, Mr Barineka Thompson, said NAICOM was happy to collaborate with SEC, adding that the commission would mobilise its representation from the industry to further enhance the scope of interaction.