He said, “When we assumed office, we were shocked to know that the average age of the Central Securities Clearing System account holder was over 50 years. The CSCS is a depository, so if you are investing in equities, you must have a CSCS account.
“The capital market experience starts with a bank account, we have decided to look at the whole process and find out what is turning young people off and we have started the process.” So far, the SEC has created a fintech and innovation office which guides fintech companies seeking entry into the market through formal registration with the SEC.
Nwosu says, “Age has nothing to do with investment. I’m 70 and I have been in the market for 50 years now. My role and duty are to nurture young people to understand the market and come into the market.