Technology has laid a foundation for the development of capital markets not only in Nigeria, but in Africa.
This was the view of Temi Popoola, the Chief Executive Office, Nigerian Exchange Limited (NGX), when he spoke at the West Africa Capital Market conference which held recently at Eko Hotel, Lagos.
On the panel themed “Digital Transformation and Infrastructure Development: Leveraging Technology Growth in ECOWAS Region,” Popoola stressed that technology can serve as a good building block for innovation in the capital market.
He said, “In December 2021, we had a landmark transaction through technology. It was a secondary share sale in our capital market. It was the first time in the history of our market where on a mobile phone end to end, shares could be bought by retail investors.
“Two weeks ago, with Second Stax- a Ghana based company, we facilitated the first ever transaction across borders in a Nigeria – Ghana bilateral trade.” The NGX CEO said that these examples of technological innovation in the Nigerian bourse demonstrate how critical digital innovation can facilitate capital market growth.
Earlier, Olufemi Oyenuga, the Chief Digital Officer, NGX, made a presentation on how the NGX has been utilizing digitalization to drive the operations of the exchange.