The Chairman/Chief Executive Officer, SUSMAN and Associates, Dr Shamsuddeen Usman, has said the collaboration between the capital and money markets as well as key stakeholders is vital to the achievement of the 80 per cent financial inclusion target.
Usman, while delivering the keynote address at the Association of Stockbroking Houses of Nigeria’s Capital Market Summit/Award in Lagos, stressed the need for the involvement of all key stakeholders and regulators such as the Corporate Affairs Commission, the Securities and Exchange Commission, the Nigerian Stock Exchange, and the Bureau of Public Enterprises.
Speaking on how to drive financial inclusion through the capital market, Usman said issuing houses, stockbrokers, registrars, shareholders associations, relevant committees of the National Assembly, and professional associations should also be actively involved in the process.
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He urged lawmakers to enact laws and policies that would strengthen the capital market and lead to greater financial inclusion.
According to him, one-stop financial centres in each state capital of the country can also be introduced.
He said other initiatives were developing the bond market, especially micro-savings bonds and municipal bonds, reducing the average transaction costs of issuing equity and debt securities, relaxing the complex legal, regulatory and listing requirements and broadening the capital market’s idea of financial inclusion being seen as only corporate social responsibility.
Usman said, “We need to develop the commodities exchange ecosystem and encourage more trading in securities through tax incentives. Also, the use of islamic finance/non-interest capital market products should be deepened.
“Other initiatives include broadening the understanding of capital market products, reducing over-concentration of trading and improving focus on data and innovation.”
He noted that the collaboration of apex associations of financial services providers would ensure products uptake and adoption.