The African Development Bank (AfDB) has signed a $400, 000 grant with Nigeria’s Securities and Exchange Commission (SEC) to strengthen securities market regulation.
The federal government on Sunday, March 7, disclosed this in a statement, saying that the grant would also be used to broaden market instruments.
Commenting on the development, the SEC boss, Lamido Yuguda said: “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region.”
— Government of Nigeria (@NigeriaGov) March 7, 2021
Recall that the AfDB had awarded a grant of $320, 535 to the West African Monetary Agency to mainstream gender in ECOWAS’ core digital financial services (DFS) regulatory frameworks.
The funds will support a gender gap analysis of several WAMA strategies including those for financial inclusion; gender disaggregation data analytics; digital payment services and infrastructure; and digital identity.
The project, to be executed over a three year period, will potentially affect 350 million people in all 15 ECOWAS nations: Benin, Burkina Faso, Cote d’Ivoire, Cabo Verde, Ghana, Guinea, Gambia, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
The grant will be disbursed through the Africa Digital Financial Inclusion Facility, a blended finance vehicle, supported by the Bank.
“With a secretariat comprising all the 15 ECOWAS central banks, WAMA plays a pivotal role in the consolidation and implementation of strategic financial inclusion objectives. ADFI and the WAMA project team will work closely with other ecosystem players in the region to ensure harmonisation of efforts for maximum impact,” said Sheila Okiro, the ADFI Coordinator.
The project has the potential to raise by 35% women’s participation in digital financial market operations in the region, which has a higher gender disparity than other parts of the continent as reflected in its Gender Development Index of 0.825 versus the African average of 0.871.