SEC partners with PenCom to boost financial literacy

The Securities and Exchange Commission (SEC) and the National Pensions Commission (PenCom) have pledged to work together to ensure more Nigerians are brought into the financial literacy net.

The Head, Market Development Department of the SEC, Mr Edward Okolo disclosed this in a statement signed by SEC’s Head of Media, Mrs Efe Ebelo on Tuesday in Abuja, Nigeria’s capital.

Okolo said the resolution was made when he led SEC’s Technical Committee on Financial Literacy on a visit to the PenCom office in Abuja.

The aim of the visit was to further strengthen collaboration between the committee and PenCom in a bid to improve financial literacy among Nigerians.

According to Okolo, the Committee was presently in partnership with FMDQ Securities Exchange on the training of students on their platform to increase their interest in Capital Market issues.

“We would like to have an open window to collaborate with you, where we could get ideas from you.

“We should try to collaborate more with the investors and give them avenues for value optimization,”  Okolo said.

Also speaking, a member of the Committee, Omagbitse Barrow expressed the need for collaboration with relevant agencies to foster a multi-directional approach to what the Financial Literacy Committee does:

“We believe that when more members of the public are financially literate, they will make better financial decisions and deepen their participation in the market.

“We have to work at financial literacy from the foundation, how to get people to manage their resources better before we can move on to investing in the capital market.

“The more people who are selling their products are interested in financial literacy, the more products they will sell.

“Let’s broaden financial literacy approach so that the public will get value from the financial system as financial literacy is about the people, the investors and ordinary Nigerians.’’

Also speaking, Dr Farouk Aminu, Head of Investment Supervision Division, PenCom, disclosed that the Commission had commenced courses in some universities on pension issues.

Aminu expressed the need for more synergy among regulators in promoting the financial health of Nigerians.