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Financial Literacy: SEC, NAICOM seek stakeholders collaboration to strengthen financial industry

Temitope Adebayo

In a bid to ensure that Nigerians both in the urban and rural areas are effectively sensitised on the benefits of financial literacy which will, in turn, lead to an improvement in the economy, the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM) is calling on other regulating bodies to strengthen collaboration in the financial industry in Nigeria.

The Director, Market Development Department, SEC, Mr Edward Okolo, made this call during an advocacy visit by the Financial Literacy Technical Committee, a market-wide committee of the capital market to the NAICOM in Abuja over the weekend.

Okolo, noted that the visit is in an effort to further strengthen collaboration between the Committee and NAICOM and expressed appreciation to NAICOM for being a member of the committee in helping to pursue financial literacy awareness in the market.

He, however, described the insurance the industry as one of the veritable tools of raising money in the market, stressing the need to explore avenues of enlightening the states on insurance during the SEC’s regular enlightenment campaigns.

“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,” he said.

Also commenting, Member of the committee, Mr Omagbitse Barrow said the story in the financial sector needs to be told more holistically by all agencies involved.

According to him, “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.

“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 cooperation with a unified front to drive financial literacy. When that happens, the market will respond appropriately”, Barrow said.