By Chinwendu Obienyi
The Nigerian Exchange Limited (NGX) has said it would rely on strategic partnerships especially with the Securities and Exchange Commission (SEC) to democratise finance in Nigeria by leveraging the current advancement in technology.
Its Chief Executive Officer, Temi Popoola, disclosed this during the exchange’s inaugural NGX TechNovation Conference themed; Technology, Platforms and Markets which was held virtually in Lagos recently.
Popoola stated that the theme was chosen to reflect on the proliferation of innovative product and services driven by technology across many industries in Nigeria while adding that the conference is important to the NGX because it has stepped into an era that signals new opportunities, growth, expansion and shared prospects for the market, stakeholders and the larger economy both at national and regional levels.
He noted that the exchange is a strong consumer of technology and is strategising on initiatives that will make it easier for investors to access products on the NGX.
“Specifically, we are keen to democratise finance in Nigeria by leveraging the current advancement in technology and relying on strategic partnerships and we will be doing this with the SEC- apex regulator. Secondly, a clear plan is to use the exchange to accelerate innovation in tech and ICT in Nigeria and we are committed to making the exchange an avenue for capital formation for technological companies to raise capital and for those with investments, have some form of liquidity for their investments. We are convinced that the driver of the next phase of economic growth is through technology and we are committed to help drive that growth, creating wealth for Nigerians not just through capital formation but by accentuating advocacy efforts of the entire ecosystem. Thirdly, the NGX will continue to drive innovative solutions to ensure full digitalisation of the Nigerian capital market to deliver value to our stakeholders”, the NGX CEO said.
In his goodwill message,SEC Director General, Lamido Yuguda, while commending the NGX’s management efforts at strengthening its competitiveness, said that although digitalisation poses a challenge, it is an opportunity to up-skill and restructure regulators’ business models in order to remain relevant.
Yuguda said the commission is prepared to advance with the ever changing tech space and has put modalities in place to adapt to these new innovations, build required capacity and has deployed strategic initiatives.
While enjoining fintech firms to promote safe and viable products and services that will ultimately increase market’s depth and access, he reiterated that the SEC will enable a level playing field by encouraging innovations that will help the market to be more efficient, enhance financial inclusion and market deepening and create a positive impact in the Nigerian Capital Market (NCM).