NSE to promote capital market with technology

With digitisation fast gaining momentum in the global capital market ecosystem and its impact in Nigeria, the Chief Executive Officer of the Nigeria Stock Exchange (NSE), Mr Oscar Onyema has said the local bourse is poised to promote the nation’s capital market with the use of technology.

At the third edition of the “NSE Market Data Workshop” in Lagos, designed to catalyse critical thinking on how to boost innovation and data driven solutions for the Nigerian capital market, Onyema said over the past few years, the finance industry in Nigeria has experienced tremendous transformation caused by disruptive technologies, noting that in recent years, the Nigerian customers have become accustomed to the digital experience offered by firms such as Google, Amazon & Facebook.

He explained that the exchange has established an enterprise innovation hub to incubate and accelerate ideas that meet market needs, informing stakeholders that the local bourse had provided over 50 market data products that are accessible to the key players in the entire market value chain.

“Our focus on innovative and disruptive solutions is also built around our market data.

“We are innovating with ‘smart channels’ that can deliver on-demand data to investors, including USSD, mobile apps, SMS and IVR.

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“This year, we rolled out X-Pay, the e-payment platform for the Exchange, which enables users to conveniently make payments for products, services, events and trainings offered by the bourse.”

He also noted that the Exchange was forging strategic partnerships with data analytics firms and other actors in the Fintech ecosystem to develop solutions which will help investors around the world optimise investment decision-making.

“For this reason, the NSE established the Enterprise Innovation Hub in August 2018.

“The hub is well positioned to incubate and accelerate ideas that meet market needs, through collaborative partnerships,” Onyema said

Giving her remarks at the event, the Acting Director-General of the Securities and Exchange Commission, Mary Uduk asserted that the regulatory body was focused on serving as an enabler for innovation and technology, that would drive financial inclusion in the country.