We Want To Leverage Technology To Reduce Transaction Cost —SEC Boss

Acting Director General of the Securities and Exchange Commission, SEC, Ms Mary Uduk, has said that the Commission intends to leverage technology to facilitate transaction and further reduce cost. Uduk stated this at a world press conference by the Ministry of Finance. She said that the Commission is encouraged by the level of success recorded in Fintech in the money market, and intends to replicate the same in the capital market. SEC She stated: “Technology, when properly leveraged will reduce the cost of doing business in the capital market. We know that technology is driving a lot of things in the market at the moment. For instance, in the banking system, technology is driving the payment system. Even with phones, people can buy, make payments and even obtain loans among others. We have seen that there is a lot of innovations and cost reduction in the money market due to technology, and so we also want to do the same in the capital market.” Breaking: EFCC moves to forfeit $2. 8m seized from Enugu Airport Consequently, she said that the Capital Market Committee, CMC, has set up a Road Map committee to come up with a guide for the capital market to enable it also leverage on technology to do business and reduce cost. Already, she said that the Commission has set up a Division dedicated to Fintech charged with responsibility of fathoming ways technology could be used to move the market forward. She affirmed that technology has assisted in improvements of processes in the market, citing the use of blockchain by African Commodity Exchange (AFEX) for settlement purpose as an example. “AFEX right now uses blockchain to drive its data. We also have technology driving the platforms through which people are now able to come in and invest,” the SEC boss said.