Capital market regulators and other stakeholders have called on tech industry operators to leverage capital market platforms to raise cheap capital needed for expansion.
The regulators made the submission at the TechNovation virtual conference hosted by NGX on the theme: “Technology, Platforms and Markets”.
Managing Director of Nigerian Exchange Limited (NGX), Mr. Temi Popoola, while outlining the Exchange’s plan around technology, said the aim was to ensure a multi-asset securities exchange, defending the Africa’s sustainable growth and prosperity.
“Specifically, we want to democratize finance in Nigeria by leveraging current technological advancements and building on strategic partnerships and we will do that after our supreme regulator, SEC. The second is the clear plan to use the exchange as platform to accelerate innovation in technology and ICT in Nigeria.
“We are committed to using the exchange as a capital formation pathway for technology companies to raise capital and for those who have invested to find liquidity for their investments. We believe that the engine of the next phase of Nigeria’s economic growth is driven by technology and we are committed as an exchange to help drive that growth by creating wealth for Nigerians,” he said.
In his goodwill message, the Managing Director of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, said: “I would like to begin by congratulating Mr. Temi Popola, CEO, NGX and his team for organizing an event like this one that shows our resilience as a people and our ability to face challenges. Today’s conference theme, Technology, Platforms and Markets, indeed reflects the mood of today’s world and the inevitable coming together of the three segments due to the COVID-19 pandemic that has all compelled to expand our possibilities and adopt new ways of carrying out our duties.
“These recent changes certainly represent a challenge and a huge opportunity for both financial industry regulators and mainstream financial services providers like NGX. It is therefore important that we facilitate conversations like this to ensure that we strike the right balance between innovation, integrity and the protection of investors, without whom there will be no markets.
For his part, Flutterwave Co-Founder and CEO, Olugbenga Agboola, said, “Today, we are in the information age where technology is beyond any business model and infrastructure we can think of. This of course facilitated the growth we see across the landscape in different terrains. One of the key drivers for the proliferation of technology solutions in Nigeria has been the penetration of mobile phones and we expect continued growth in this regard. Amid evolving solutions, African startups have raised over $1 billion in funding, which is unprecedented for tech companies. The industry must however recognize that funders and regulators are key stakeholders who need to work together to drive digitalization across Africa and provide a platform for capital raising and global recognition of Nigerian companies. at all stages.
The event also featured a presentation from Africa Fintech Network Chairman, Dr. Segun Aina, who said, “I commend NGX Limited for hosting this conference as it shows continued commitment to digital initiatives that can reposition and improve the Nigerian capital market and secure its leading position not only in Africa and globally. I would also like to acknowledge NGX’s contributions to the Fintech Association of Nigeria of which it is an early member and continues to contribute and leverage its membership and also support the growth of the Nigerian capital market.