The Securities and Exchange Commission (SEC) has begun digital processing of selected registration services for Capital Market Operators (CMOs) as part of efforts to speed up regulation, improve service delivery, and reduce reliance on paper-based procedures.
The Commission announced on Wednesday that operators covered by the current phase can now carry out designated registration-related activities through an online platform without physically submitting documents to the regulator.
According to the SEC, the initiative is another step in its plan to modernise the Nigerian capital market by adopting technology that will make regulatory processes more efficient and easier for stakeholders to access.
Under the new arrangement, applications for the approved services will be submitted, assessed and concluded electronically. Regulatory decisions and official communication with applicants will also be delivered through the platform, removing the need for manual handling of the services included in the rollout.
The Commission said the online system is expected to reduce delays that often accompany physical documentation, speed up processing, simplify interactions between operators and the regulator, and allow applicants to monitor the progress of their requests from start to finish.
It added that replacing manual procedures with digital processes would improve internal operations while creating a more reliable system for keeping records, managing documents securely, and tracking every stage of regulatory activities.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission said.
The SEC explained that the transition forms part of its long-term strategy to build a technology-driven regulatory framework that supports a more efficient capital market, improves the ease of doing business, and delivers better services to market participants.
It said the new platform would also improve the quality of information available to the Commission, making it easier to analyse market data, strengthen supervision, and support future technological improvements in the regulation of Nigeria’s capital market.
To ensure a smooth transition, the Commission said the implementation would take place in stages rather than all at once. It explained that the first phase covers only post-registration services for existing Capital Market Operators.
The regulator clarified that companies seeking fresh registration to operate in Nigeria’s capital market are not yet included in the electronic registration process. It said the commencement of online processing for new registration applications would be announced when the next phase is ready.
The SEC urged all existing Capital Market Operators to familiarise themselves with the new digital platform and complete the necessary requirements within the stipulated timelines to ensure a seamless migration.
According to the Commission, the adoption of electronic registration is part of broader reforms aimed at strengthening the country’s capital market through improved transparency, more efficient regulation, stronger market infrastructure, and a regulatory environment that supports sustainable growth and enhances Nigeria’s competitiveness in the global investment space.
The Commission said it would continue to pursue reforms that encourage innovation, improve the quality of regulatory services, and deepen investor confidence in the Nigerian capital market.