The Securities and Exchange Commission (SEC), at the weekend said that it would strengthen collaboration with other regulatory institutions in the financial sector in the task of improving Nigeria’s financial literacy rate.
The commission hinged the step on the potential of the collaboration to help in taking the ongoing campaigns to the grassroots with the attendant implications for the nation’s economic growth.
Giving this hint during an advocacy visit by the Financial Literacy Technical Committee to the National Insurance Commission, NAICOM, in Abuja, the commission’s Director, Market Development Department, of SEC, Mr. Edward Okolo, said the visit was an effort to further strengthen collaboration between the Committee and NAICOM.
He commended the commission for being a member of the committee in helping to pursue financial literacy awareness in the market.
The investment expert described the insurance industry as one of the veritable sources of raising money in the market, harping on the need to explore avenues of enlightening the states on insurance during the SEC’s regular enlightenment campaigns.
He said: “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.”
In his comments, the Director of Inspection, NAICOM, Mr. Barineka Thompson, commended the committee on its work targeted at improving the nation’s financial system and empowering the citizens.
According to him, the work of the committee will lead to improvements in products and services delivery in the insurance sector and further deepen the market.
The insurer explained:“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.
“As we plan ahead, we will find areas to work with the committee. We are interested in the work of the committee and can assure you of our support, we support the on-going implementation of the master plan and will continue to support it” Thompson added.
The Financial Literacy Technical Committee is a Market wide committee of the capital market set up by SEC as part of the mechanisms for the implementation of its 10-Year Capital Market Master Plan.