Experts that gathered at a virtual inaugural Nigerian Exchange Limited (NGX) TechNovation Conference held in Lagos, at the weekend, stressed the need for active collaboration between fintech firms and regulators to drive digitalisation across Africa.
The stakeholders argued that fintech must recognise that funders and regulators are the biggest stakeholders that must work together for the advancement of the Nigerian economy.
Co-Founder and CEO, Flutterwave, Olugbenga Agboola, said African startups have raised over $1billion in funding, which is unprecedented for technology companies.
He pointed out that the platform provides an opportunity for capital raising and global recognition for Nigerian companies at all stages.
According to him, the world is currently in the information age where technology is leapfrogging every business model and infrastructure.
He stated that this has facilitated growth across the landscape in different terrains.
Agboola pointed out that a key driver in the proliferation of technology solutions in Nigeria has been mobile penetration and which has increasingly recorded substantial levels of growth.
Speaking during the conference, the Chief Executive Officer, NGX, Temi Popoola, CFA said: “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 the capital formation, investment, capacity building, market development and a plethora of other services within the capital markets ecosystem. The NGX boss said the exchange is committed to developing innovative solutions that drive, not just internal efficiency at the exchange but that support wider efforts by various stakeholders to ensure a full digitalisation 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.”
While delivering his goodwill message, the Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda stated, “I would like to begin by commending Mr. Temi Popola, CEO, NGX and his team for putting together an 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 the world today and the inevitable coming together of the three segments because of the COVID-19 pandemic which has forced us all to stretch possibilities and adopt new ways of performing our functions. Yuguda said these recent shifts certainly pose a challenge and a huge opportunity to both financial sector regulators and conventional financial services providers like NGX.
Therefore, he called on fintech firms to deepen conversations with regulators and ensure they strike the right balance between innovation, integrity and protection of investors, without whom there will be no markets.
President, Africa Fintech Network, Dr. Segun Aina who commended the exchange for putting the conference together, stated that NGX has continued to show commitment to digital initiatives that can reposition and improve the Nigerian capital market and enhance 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.”