The Director-General, Securities and Exchange Commission, Mr Lamido Yuguda, has said the capital market is working to develop products that will make the market attractive to the younger generation.
A statement by the SEC said, Yuguda, who was represented by the Head, Office of the Chief Economist, SEC, Dr. Okey Umeano, said this during an interview.
He stated that the move was one of the provisions of the revised capital market plan.
Yuguda said, “I must tell you that the demographic in our market is graying and it is a source of worry. That is one of the things we are covering in the revised capital market master plan.
“We are encouraging capital market operators to develop technology. The youths do not want to come in and start filling five-page forms because they want to access the market, they want to pick their phones and make their investments.
“That is why we are improving our Know Your Customers; we are improving so many things to make it easier for them. That is why we are introducing these fintechs. We are allowing these fintechs to come because we see the fintech as an important gateway for youths to enter the market. We are conscious of that and we are working towards it.”
He also advised youths that the capital market was a viable platform for wealth creation.
Yuguda said, “We are striving to improve the way we deliver our products, to improve market efficiency and to make the market attractive to them. Most importantly, we are doing all we can to ensure that investors are adequately protected in the market and that they are able to get the benefits of their investments.” he stated.