Capital Market: SEC’s New Plan To Accommodate Low Income Investors
The Securities and Exchange Commission (SEC) in Nigeria has revealed plans to introduce a new three-tiered account opening and requirements process, for the financially excluded and low-income earners in the nation.
A statement from the Commission over the weekend says the initiative is also part of efforts to widen the domestic investors’ base in the capital market.
According to the Stock Market Regulator, the new process will simplify identifications with no specified minimum investment deposit.
Less than three per cent of the population invests in stock market, a situation that narrows the national capital formation process and subjects the market to extreme fluctuations of foreign portfolio investors.
SEC wants to ensure that this situation is addressed with its new three-tiered account opening and requirements process.