Breaking News: Nigeria’s Security and Exchange Commission (SEC), United Capital Asset Management Limited (UCAML) and Nigerian Exchange Group (NGX) are collaborating to foster financial inclusion and deepen prosperity in Nigeria, 9AM News Nigeria can report.
Their plans were divulged at a forum organized by the United Capital Asset Management Limited (UCAML) themed ‘Deepening Financial Inclusion Through Participation in Collective Investment Scheme’.
Odiri Oginni, CEO of United Capital Asset Management Limited said financial inclusion must go beyond merely making sure that every Nigerian own a bank account but must also ensure that Nigerians participate in ‘Collective Investment Scheme’ (CIS). She regreted that less than 2% of Nigerians have a ‘Collective Investment Scheme’ (CIS) account. She informed that the major barriers to the participation in ‘Collective Investment Scheme’ is lack of awareness, lack of trust, uncertainties of returns from investments and volatility in the markets.
Ms. Oginni therefore urged CIS providers to take advantage of partnership with other financial agencies to help reach underserved communities and people.
She then highlighted the role of her firm the United Capital Asset Management Limited (UCAML) which she said helps in investment banking, assets management, digital banking, stock trading and trustee operations.
Lamido Yuguda the DG of the Security and Exchange Commission who was represented by an Executive Commission named Dayo Obisan said it was important to increase participation in the Capital Markets because it would cause the expansion of retail markets and inject more needed capital and liquidity in the market.
He noted that his commission (SEC) is working assiduously to promote financial inclusion by means of its involvement with ‘FSS 2020’ an initiative launched by the Central Bank of Nigeria to increase financial inclusion, strengthen regulation and foster development in the finance industry.
In a statement obtained by 9AM News Nigeria Yuguda (DG SEC) said “To enhance awareness and accessibility we have also collaborate with the Funds Managers Association through financial literacy programs and technological initiatives to demystify ‘Collective Investments Scheme’ (CIS) and reach underserved communities”.
He also added that currently, fewer than 5% of Nigerians participate in the Capital Markets by way of investments and revealed some plans to draw more participation.
In another statement obtained by Ogasabi from a representative of PwC (a renowned investment analysis and advisory firm) Omobolanle Adekoya said more education, accessibility of investment products, deeper collaboration and further advocacy is essential for the fostering of financial inclusion. She emphasized how key the capital market is to driving economic growth and wealth distribution and said efforts must be made to draw in the informal sector. She also suggested the use of AI technology to help sort and exhibit products and services that would be easy and minimally risky for people to invest in.
