NGX vows to transform financial services through technology

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October 5, 2021

NGX vows to transform financial services through technology

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By Peter Egwuatu

Nigerian Exchange (NGX) has vowed to transform the financial services space through technology with a keen focus on the Nigerian capital market that can boost the advancement of the Nigerian economy.

The Exchange stated this at its inaugural TechNovation conference held virtually with the theme: ‘Technology, Platforms and Markets’.

Speaking during the conference, the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA noted, “The conference is particularly important to us at NGX because we have stepped into an era that signals a new horizon of opportunities. NGX is a technology powerhouse that leverages smart business models to deliver vertical platforms across capital formation, investment, capacity building, market development and a plethora of other services within the capital markets ecosystem. We are committed to developing innovative solutions that drive, not just internal efficiency at the exchange but that support wider efforts by various stakeholders at ensuring a full digitalization of the Nigerian capital markets. We are extending our platform competencies in line with our strategic aspirations while leveraging best in class digital innovation to deliver value to our stakeholders and markets.”

In giving his goodwill message at TechNovation, the Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda stated, “I would like to begin by commending Mr. Temi Popola, CEO, NGX and his team for putting together and event like this which shows our resilience as a people and ability to face challenges. The theme of today’s conference, Technology, Platforms and Markets indeed captures the mood in world today and the inevitable coming together of the three segments in view of the COVID-19 pandemic which has forced us all to stretch possibilities and adopt new ways of performing our functions. These recent shifts certainly pose a challenge and a huge opportunity to both financial sector regulators and conventional financial services providers like NGX. It is, therefore, important that we facilitate conversations like this to ensure we strike the right balance between innovation, integrity and protection of investors, without whom there will be no markets”.

This was immediately followed by the keynote address delivered by Co-Founder and CEO, Flutterwave, Olugbenga Agboola, who noted, “As of today, we are in the information age where technology is leapfrogging every business model and infrastructure we can think about. This has of course facilitated growth that we see across the landscape in different terrains. A key driver in the proliferation of technology solutions in Nigeria has been mobile penetration and we expect to see continued growth in this regard. Against the backdrop of evolving solutions, African startups have raised over $1billion in funding which is unprecedented for technology companies. The industry must however recognise that funders and regulators are the biggest stakeholders that must work together to drive digitalisaton across Africa and provide a platform for capital raising and global recognition for Nigerian companies at all stages.”

The event also featured a presentation from President, Africa Fintech Network, Dr. Segun Aina who commented thus, “I commend NGX Limited for putting this conference together, as it shows continued commitment to digital initiatives that can reposition and improve the Nigerian Capital Market and ensure its leadership position not only in Africa and across the world. I would also like to acknowledge the contributions of NGX to the Fintech Association of Nigeria of which it is an early member and continues to contribute and leverage on its membership and also support the growth of the Nigerian capital market.”

The second session of the day focused on the topic, Beyond Tech – Partnerships, Business Models, Innovation, Data and Regulation and highlighted the interconnectedness of stakeholders within the business ecosystem that requires extensive stakeholder engagement and forward thinking partnership and collaborations to harness the competitive advantage across the spectrum. Speakers on the panel were Executive Commissioner (Operations), Securities and Exchange Commission, Dayo Obisan; Founding Partner, Ventures Platform, Kola Aina; Chief Executive Officer & Co-Founder, F10, Andreas Itern; Senior Ambassador, Seedstars Nigeria, Alessia Balducci; Partner, Microtraction, Chidinma Iwueke; with Chief Customer Experience Officer, Interswitch Group, Oremeyi Akah as moderator.

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