SEC launches Tech Adoption Survey as Nigeria’s Capital Market faces a Digital Inflection Point
In a decisive step toward building a future-ready financial ecosystem, the Securities and Exchange Commission (SEC) has rolled out a technology adoption survey targeting all registered Capital Market Operators (CMOs) in Nigeria. The two-week assessment, scheduled between May 5 and May 20, 2025, is part of the Commission’s broader digital transformation strategy aimed at measuring—and ultimately accelerating—the uptake of advanced technologies across the capital market value chain.
According to a circular issued by the SEC on Wednesday, all CMOs are required to access and complete the digital survey via the SEC’s e-portal. The objective: gain granular insights into how market operators are integrating innovation in areas such as automation, data analytics, digital onboarding, cybersecurity, regtech, and distributed ledger technologies (DLTs).
This development is more than a compliance checklist—it signals a shifting regulatory paradigm that sees technology not just as a disruptor, but as a strategic enabler of market depth, transparency, and resilience.
Why This Matters: Tech Is No Longer Optional
Nigeria’s capital market, traditionally anchored in conservative structures and legacy systems, is now under growing pressure to modernize or fall behind through Tech Adoption Survey. With global capital flows increasingly sensitive to real-time data, automated processes, and efficient settlement mechanisms, the ability of domestic CMOs to leverage advanced technologies could make or break their relevance in the decade ahead.
Speaking on the initiative, SEC Director-General Dr. Emomotimi Agama underscored the Commission’s pro-innovation stance, describing technology as a “catalyst for growth” and a cornerstone for future regulation. In his words, “Our three-pronged approach—focusing on safety, market deepening, and solving real-world problems—remains at the heart of our evolving regulatory framework.”
Beyond Surveys: The Incubation Play
To ensure its policies keep pace with market innovation, the SEC has also institutionalized its Regulatory Incubation Programme, a sandbox-style environment that allows fintech startups and innovative capital market businesses to operate within a controlled regulatory perimeter for a 12-month period. This initiative has been pivotal in bridging the gap between regulation and innovation, balancing investor protection with ecosystem growth.
The incubation programme not only allows for structured experimentation, but also provides critical data points for crafting fit-for-purpose rules—a necessary move in a market where digital products are outpacing policy frameworks.
Implications for Operators and Investors
For CMOs, this tech adoption survey isn’t just a procedural task—it’s a litmus test. Operators lagging in digital transformation may soon find themselves at a competitive disadvantage, especially as the SEC gears up to integrate technology benchmarks into licensing, compliance, and performance reviews.
For investors, especially institutional players and foreign portfolio investors (FPIs), the push toward a more transparent, tech-driven market could reduce operational friction, improve trust, and attract long-term capital—key ingredients for market depth and stability.
The Road Ahead: Building Nigeria’s Smart Capital Market
This initiative aligns with broader efforts to reposition Nigeria as a regional financial hub, leveraging its youthful tech talent pool and growing digital economy. However, success will hinge on more than just data collection. Stakeholder collaboration, strategic investment in infrastructure, and regulatory agility will be critical to converting insight into execution.
Ultimately, the SEC’s technology survey may mark a turning point—an opportunity to shift from policy aspirations to digital action. For an industry long constrained by inefficiencies, the future now demands transformation at speed and scale.
