•Targets USSD codes for trading

By Chinwendu Obienyi

The Nigerian Exchange Limited (NGX) says it will partner with the Development Finance Institutions (DFIs), local and international banks to further develop the market.

This was even as the exchange revealed it wasworking on USSD launch in collaboration with telcos and banks to unlockthe African Capital markets via payment integration with Afreximbank’s Pan African Payment Settlement System (PAPSS).

The Chief Executive Officer, NGX, Temi Popoola, stated this recently at the NGX 2022 market recap and 2023 outlook which held via zoom in Lagos.

Popoola stated that the exchange will take a flexible approach to strategy execution in 2023, doubling down on its 2022 achievements and expanding on several levers.

“As you know, the NGX Technology Board Listing Rules were approved by the apex regulator, the Securities and Exchange Commission in December 2022. 

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With this, we aim to drive more technology companies to the Exchange and deepen capital formation in the technology sector. Currently, we are in consultations with stakeholders in the sector and we are confident of securing a few big names within the year”, he said.

He further added that the exchange via strategic partnerships, will forge more with DFIs both local and international banks to further develop the market, stating that the NGX aims to do more on trading and seek ways to improve data dissemination to attract a larger investor base, especially from the retail side.

Popoola said, “We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation comes in through increased advocacy and engagements. NGX sees sustainability as not just important but also a profitable frontier of its business and work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.

On the capital market’s digital transformation, the Exchange is working on USSD launch in collaboration with Telcos and Banks; unlocking the African Capital markets via payment integration with Afreximbank’s Pan African Payment Settlement System.”

The NGX CEO thereafter noted that the exchange has set its sight on the development of new products aimed at attracting the lower rung of the Nigerian demography.

 “NGX is also focused on increasing youth participation with the creation of digital asset products powered by Blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market. Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments”, he said.