Digitization Is Gaining Momentum In the Capital Market Ecosystem-Oscar Onyema, CEO NSE

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Friday, October 19, 2018 8.00PM / Ottoabasi Abasiekong, Proshare WebTV

 

Digitization is fast gaining momentum in the Global capital market ecosystem, which is  having impact in Nigeria. 

The Chief Executive Officer of the Nigeria stock exchange Mr. Oscar Onyema shared this at the third edition of the “NSE Market Data Workshop” in Lagos. 

Onyema said the workshop was designed to catalyze critical thinking on how to boost innovation and data driven solutions for the Nigerian Capital Market. 

According to him “Over the past few years, Finance Industry in Nigeria has experienced tremendous transformation caused by disruptive technologies. In recent years, the Nigerian customers have become accustomed to the digital experience offered by firms such as Google, Amazon & Facebook”. 

He shared that the exchange has established an enterprise innovation hub to incubate and accelerate ideas that meet market needs. 

The NSE CEO also informed stakeholders that it has provided over 50 market data products that are accessible to the key players in the entire market value chain. 

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 will drive financial inclusion in the country. 

She said SEC Nigeria was working towards setting up a regulatory sandbox ; offering a ‘safe space’ for start-ups & other businesses to test innovative capital market products/services/business models without all the necessary regulatory requirements. 

“When financial systems become more inclusive, they help broaden financial markets and make policies more effective. By bringing more sections of the population into the formal sector, the effects of market-deepening initiatives are better expanded”. Uduk said 

Uduk harped on partnership which she believed was critical in promoting Financial Inclusion. She was of the view that the partnership should include investors, policymakers and FinTechs. 

On his part the Senior Special Assistant to the President on ICT Mr Olarenwaju Osibona lauded the NSE for hosting the Market Data workshop, which was geared towards harnessing the possibilities of deploying technology and innovation for the markets. 

He assured stakeholders that the Federal Government was working assiduously to reposition Nigeria, as a strategic nation utilizing the fourth industrial revolution that is driven digital technology. 

Mr Osibona also shared that through the Digitization strategy of the government, about 32 million Nigeria now have unique Identification numbers.


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