The Securities and Exchange Commission (SEC) with the support of FSD Africa is to develop an Information Communication and Technology (ICT) transformation strategy to improve market regulatory efficiency.
A document published on the commission’s website on Tuesday, explained that the ICT transformation was expected to address the foundational issues related to the commission’s systems and technology readiness.
It said the project would also address issues of capacity such as governance and management, ICT architecture and systems, information security and business continuity, amongst others.
The document noted that the transformation would conform to international best practices and position the commission as a modern technologically-driven regulator that harnessed technology to deliver optimum services.
According to the document, the transformation will enable market stakeholders to deliver better market performance for investors and issuers.
The transformation, the document said was also expected to usher in high level of information security comparable to the best in the industry and data driven market development interventions and initiatives.
“The project will support SEC Nigeria in mapping out appropriate regulatory and supervisory technology approaches and defining the software and hardware specifications/requirements needed to optimise operations.
“ICT plays a critical role in securities market supervision and development both internally and externally.
The document said that drive for the transformation project followed an Institutional Capacity Assessment (ICA) conducted by FSD Africa on SEC in 2019.
“The ICA report identified ICT as one of the critical areas for institutional capacity strengthening to improve delivery of the regulatory/supervisory and market development mandate of SEC,” it added.
FSD Africa is a specialist development agency, established in 2012 and supported by the UK Aid, working to build and strengthen financial markets across sub-Saharan Africa.
The agency is also working to reduce poverty by strengthening Africa’s financial markets.