Nigeria: Fintech to promote inclusive capital market

Managing Director, Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri has said increasing integration of financial technologies (fintechs) into capital market operations will lead to improved participation by the public.

Jalo-Waziri spoke on “Harnessing FinTech Innovation for Inclusive Capital Market: Empowering individuals through Financial Access and Participation” at the Institute of Capital Market Registrars (ICMR)’s annual conference. The theme of the conference was “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.”

Jalo-Waziri underscored the significance of adopting fintech innovations in the Nigerian capital market, highlighting that the fintech revolution has significantly transformed the dynamics of capital markets.

He mentioned that incorporating advanced technologies like online trading platforms, robo-advisors, blockchain, and AI-driven analytics has not just made investing more accessible but has also streamlined operations, improved transparency, and created new and innovative investment possibilities.

“This symbiotic relationship between fintech and the capital market is pivotal for sustainable financial growth, offering individuals and businesses alike the means to efficiently navigate and leverage the intricacies of modern financial ecosystems.

“In other words, fintech is transforming the landscape of financial services, and we believe that it holds the key to making our capital market more inclusive and accessible to all. We are committed to pioneering this transformation for the benefit of every individual investor in Nigeria,” Jalo-Waziri said.

He highlighted the potential of adaptive technology and fintech solutions to expand involvement in the capital market, ensuring that CSCS remains committed to exploring avenues for increased market participation.

“By harnessing innovative technologies, fintech is breaking down barriers, democratising access, and fostering financial inclusion. Through user-friendly platforms, fractional investments, robo-advisors, and educational resources, fintech is reshaping how individuals engage with the capital market. As these advancements continue to evolve, more people than ever before have the opportunity to take control of their financial futures, invest with confidence, and participate actively in the global economy.

“Inclusivity is at the heart of our mission. We are leveraging the power of technology to provide financial access to all, from the experienced investor to the first-time market participant. This is how we envision a brighter and more equitable future for our capital market,” Jalo-Wziri said.

He emphasized the importance of fintech in capital market advancements, underscoring the significance of partnerships and collaborations in attaining these objectives. He pointed out that fintech innovations have been pivotal in transforming capital markets, utilizing technology to deliver efficient and accessible financial services.

Jalo-Waziri, represented by Mr. Tobe Nnadozie, Divisional Head of Business Technology & Digital Innovation at CSCS, highlighted that fintech has reshaped the processes of trading, investing, and fundraising, leading to increased innovation and accessibility in the capital market landscape.

“We are actively seeking partnerships with fintech companies and stakeholders across the financial sector. Together, we can build a more robust and accessible capital market that benefits every Nigerian,” Jalo-Waziri said.

He observed that as Nigeria’s foremost central securities depository (CSD), CSCS remains at the forefront of capital market modernization through the adoption of state-of-the-art technologies and inventive solutions.

“Therefore, we invite all stakeholders, from regulators to market participants, to join hands in harnessing the transformative power of technology. Together, we can create an inclusive capital market that truly reflects the economic realities of Nigeria,” Jalo-Waziri said.