In a bid to boost its financial literacy campaign, the Securities and Exchange Commission (SEC) has announced it will be collaborating with several regulators in the Nigerian financial industry.
The campaign was initiated to orientate both the urban and rural communities on the benefits of financial literacy and to strengthen collaboration between the committee and the National Insurance Commission (NAICOM).
According to a statement signed by SEC‘s Head of Media, Mr Efe Ebelo, the SEC Director in charge of Market Development Department, Mr Edward Okolo, made this known recently during an advocacy visit by SEC‘s Financial Literacy Technical Committee to NAICOM‘s office.
“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.”
A United front is needed to achieve the goal: Meanwhile, a member of the committee, Omagbitse Barrow, said in order to forge a united front, there’s a need for all the groups to understand the purpose of the financial literacy exercise.
“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.” Barrow concluded.
NAICOM’s partnership will expand the scope of interaction
The Director of Inspection at NAICOM, Barineka Thompson, said the partnership will broaden the reach of the financial literacy campaign, and drive the value of Insurance among Nigerians.
“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.”
The Securities and Exchange Commission created the Financial Literacy Technical Committee as part of the Implementation of the 10-year Capital Market Master Plan.