Wednesday, September 28, 2022

Crowdfunding will accelerate financial inclusion: SEC

He said crowdfunding had garnered much attention from regulators across jurisdictions because of its potential to further financial inclusion efforts.

• September 11, 2022
Securities and Exchange Commission (SEC)
Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) says operationalising crowdfunding will accelerate the country’s financial inclusion agenda and boost Micro, Small and Medium Enterprises (MSMEs).

SEC executive commissioner, operations, Dayo Obisan, in a statement on Sunday, said crowdfunding could also increase the quantum of investible funds by unlocking the untapped capital in the economy.

He said crowdfunding had garnered much attention from regulators across jurisdictions because of its potential to further financial inclusion efforts.

He said the commission’s crowdfunding rules became effective on January 2021, with the primary objective of “investor safety”.

”This is to raise awareness for Nigerians on crowdfunding as a funding mechanism for start-ups and MSMEs, to enlighten them on experiences and lessons on crowdfunding from other jurisdictions.

”This is to also let the people know that it is an alternative way of investment and financing of businesses.

“It is strongly believed that the capital market has a leading role to play in this regard by collaborating with relevant stakeholders to map out strategies for deepening the market through financial inclusion,” he said.

Elizabeth Howard, the president, African Crowd Funding Association, said crowdfunding was the use of small amounts of money obtained from a large number of individuals or organisations to fund a project.

Ms Howard said the small amount obtained from many individuals could also be used to fund a business or personal loan and other needs through online web-based platforms. 


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Karim Benzema


I want more, Benzema says after picking hattrick awards in one day 

Benzema won the La Liga Santander Pichichi Trophy, Di Stefano Trophy and the Hyundai Supporters’ MVP Trophy.

Tinubu Support Group


Tinubu, Shettima absent as support groups flag off APC presidential campaign in Abuja

Majority of Tinubu Support Organisations thronged the venue in their numbers bearing all manners of placards and banners.

Hot news Home top

Trigger-happy naval operatives open fire on journalist, humanitarian workers on Ondo waterways

The journalists and the officials were on their way from a free medical outreach in the riverine communities when they were attacked at Odofado.

Atiku Abubakar (Credit: AA)


Atiku calls for unity among PDP stakeholders for success in 2023

He promised to address Nigeria’s numerous challenges, if eventually elected as Nigeria’s president in 2023.

Interior minister Rauf Aregbesola

Hot news Home top

Independence Day: FG declares Monday public holiday

Mr Aregbesola urged Nigerians to use the occasion of the celebration to think about the challenges facing the nation.

bullion van accident

Hot news Home top

Six die in Kebbi bullion van accident

“Six people including three policemen also died in the inferno, while five other people and three policemen sustained various degrees of injuries.”