The prospects for a strategic collaboration that will deepen the penetration of technology firms in the Nigerian capital market, received a boost with the recent engagement between the Nigerian Stock Exchange and Fintech Nigeria Association on 21st December 2017 in a session targeted at supporting innovation and fast track Fintech growth.
This is coming on the heels of earlier engagements between the Stock Exchange and Fintech Nigeria.
Chairman of the Fintech Association of Nigeria, Dr Segun Aina, OFR, FCiB, in his remarks said the FintechNGR since inception had been focusing on driving emerging technology and supporting innovation in Nigeria through multi sectorial approach. This he said is aimed at coordinating the growth of the ecosystem and influencing policy and regulations towards positioning Nigerian Fintech as the African Fintech/innovation hub that leads the creation and deployment of indigenous solutions in solving indigenous challenges in the continent.
According to Aina, Fintech Nigeria has been engaging other regulators such as the Central Bank of Nigeria, National Insurance Commission, Securities and Exchange Commission amongst others.
The Fintech Nigeria boss revealed that that the Association has a strong membership base covering financial institutions, technology companies, payment vendors, system operators, investors, technology hubs including: Fintech Associates Ltd, Ecobank, Proshare, Accion Microfinance Bank, Lagos Business School, Banwo & Ighodalo, CcHub, Deloitte, Mastercard, Suntrust Bank, Stanbic IBTC, PwC and others as Founding Members
“The Exchange needs to key into the opportunities of leading the next industrial revolution which is anchored on applicable, accessible and affordable indigenous innovation and technology,” Aina said.
L-R: Mr Tunji Eleso, Member GovCo FintechNGR, Mr Tony Ibeziako, Head, Domestic Primary Markets NSE, Dr Segun Aina, President FintechNGR, Mr Ade Ewuosho, Head, Market Services NSE, Dr Olayinka David – +West and Mr Olufemi Awoyemi, Member GovCo FintechNGR during the Session
Also speaking at the event, a Member, Governing Council Member, Fintech Nigeria, Mr Tunji Eleso, said, ” Fintech Association is particularly passionate about seeing the Fintech ecosystem achieve its maximum benefits by head on regulation and policy that encourages innovation as its stimulates value based engagement within the ecosystem.”
The Acting Divisional Head, Capital Markets, Mr Tony Ibeziako welcomed the engagement with the FINTECHNGR, believing it was a mutual relationship, where Fintech companies can take their business objectives to the next level utilizing the Exchange. He was of the view that the partnership will showcase the opportunities in the Fintech ecosystem, considering the digitization process that is driving the current fourth industrial revolution.
Mr Ibeziako encouraged the FINTECHNGR to leverage the Nigerian Stock Exchange initiatives which will assist in driving corporate governance, visibility for the Fintech companies and boost the entire ecosystem. “The session is strategic for the NSE as it gives the Exchange the opportunity to position itself as the active players in innovation, serving as springboard for budding Fintechs/SMEs to access funding, attain corporate governance and visibility as well as getting listed on the Exchange”
As part of the engagement, Team Lead, ICT, Industrial Goods of NSE, Industrial Goods of NSE, Mr Temitayo Buraimoh, made a presentation to show the benefits Nigeria Fintech companies will derive from listing in the market. The benefits according to him include; business continuity, access to deeper investor pools (global and domestic), recognition in global markets, promoting transparency and credibility, greater brand profile and a good exit route for strategic investors.
The Nigerian Stock exchange is planning in 2018, to reposition the Alternative Securities Market “ASEM” as a “Growth Board”, that will provide listing opportunities and capital formation for Startups, SMES and Venture Capital/Seed Companies for which the FINTECHNGR members can access. The Exchange had sought the inputs of the Association and its Startups/SMEs into the Growth Board policy as the session went into a hours of deep, intense and insightful brainstorming and dissection of various components of the Growth Board with a view to coming up with robust, all – encompassing and dynamic policy.
According to Mr Olufemi Awoyemi, Founder, Proshare and member, Governing Council of the Association, “Regulation often lag behind innovation with catch up games being played out, all hands must be on deck to equilibrate regulation and innovation”
In attendance at the NSE/FINTECHNGR engagement were, Head Market Services, Nigeria Stock Exchange, Mr Ade Ewuosho; Governing Council members of the FINTECHNGR, Olayinka David-West, (Lagos Business School); Mr Olufemi Awoyemi (Proshare); Seun Folorunso (Executive Secretary) and twenty two (22) Startups/SME CEOs