The Securities and Exchange Commission stated that the goal of encouraging capital market operators to develop technology is to increase the appeal of the capital market to young people. They believe that fintech is a crucial means for young people to enter the market.
Nairametrics reported that the Director General of the SEC, Mr Lamido Yuguda, stated this while speaking about the weeklong commemoration of the Global Money Week slated to hold from March 20 to 26, 2023.
According to him, youth are not participating in the market. He pointed out that the majority of account holders in the capital market were over 50 years old, indicating that there was a lack of participation from younger generations.
He also emphasised that when a market does not attract younger participants, it is likely to decline.
Yuguda stressed the importance of the Securities and Exchange Commission’s encouragement for capital market operators to create technological advancements, with the intention of making the market more appealing to young people.
He said, “That is why we are improving our Know Your Customers; we are improving so many things to make it easier for them. That is why we are introducing this fintech. We are allowing this fintech to come because we see fintech as an important gateway for youths to enter the market. We are conscious of that and we are working towards it.”
It was reported that the Director General said the commission is adopting different initiatives to ensure the accessibility of products and offerings in the market to both the younger and older generation.
In his words, “Young people today prefer to do things on their phones; if you have to fill a stack of forms manually, young people won’t do it. We want to make investing in the capital market a fun experience.”
It was also reported that Yuguda emphasized the importance of instilling sound financial habits, attitudes, behaviors, and knowledge in children and young people from an early age.
He mentioned that the Commission will provide assistance to help them manage their finances effectively and make informed financial decisions for their future.
Yuguda stated that the sooner children and young people learn about managing money, saving, investing, and budgeting, the more effectively they will be able to manage their finances throughout their lives.
The DG said, “Plan your money, plant your future” is the official theme of GMW2023. This theme aims at raising awareness about the importance of adopting a responsible, informed, and forward-looking approach to making financial decisions. It also recognises that future individual financial well-being is strictly linked to the health of the planet and society as a whole “This year’s Global MoneyWeek2023 GMW2023 is a great opportunity for everyone to engage children, youth & young people in activities around the theme”.
According to Yuguda, the Commission’s weeklong event will involve various activities such as school visits in Nassarawa and Gwagwalada, a tour of the NGX by 150 students, and a bell-ringing ceremony at the NGX, among others.
