Nigeria: NGX Group to Bridge Financial Literacy Gap

Amid Nigeria’s economic potential lies a significant challenge requiring urgent attention from stakeholders: the gap in financial literacy. Despite the nation’s ambitious goals, the sobering truth remains: only 26% of the population demonstrates financial literacy, as reported by the Global System for Mobile Communications Association (GSMA) in its 2023 State of the Industry Report on Mobile Money.

GSMA defines financial literacy as the ability to make informed financial decisions, supported by knowledge, confidence, and competence in utilizing financial products. It is within this framework that Nigerian Exchange Group Plc (NGX Group) and its subsidiaries—Nigerian Exchange Limited (NGX), NGX Regulation Limited (NGX REGCO), and NGX Real Estate Limited (NGX RELCO)—remain committed to promoting financial literacy and inclusion in Nigeria.

The Group’s financial literacy program is realized through strategic collaborations with vital stakeholders within and outside the capital market, encompassing government bodies, non-profit organizations, listed companies, trading license holders, educational institutions, and domain experts. It encompasses a variety of workshops, seminars, and online resources, tailored to accommodate diverse learning preferences and schedules. Beyond education, the program represents a unified endeavor to nurture financial expertise and inclusivity within the Nigerian economy.

NGX Group’s online resources enhance knowledge dissemination. The Group’s website provides dedicated sections featuring educational materials from webinars, seminars, and conferences. The NGX X-Academy, a beacon of learning in Nigeria’s capital market and the specialised knowledge platform of the Exchange, implements virtual financial literacy training programs in addition to physical sessions. Designed to bridge knowledge gaps for capital market professionals, investors, and the public, X-Academy accentuates NGX Group’s commitment to financial literacy and inclusion.

NGX Group’s partnerships signify a dedication to a transformative future. The collaboration with the Bank of Industry (BOI) reflects a shared vision. This Memorandum of Understanding (MoU) transcends mere paperwork; it signifies a commitment to unlocking the capital market’s latent potential. Through financial literacy programs, market advocacy initiatives, and the promotion of listings, NGX Group and BOI are advancing efforts to broaden the capital market’s impact and empower stakeholders.

In the ongoing pursuit of bridging Nigeria’s financial literacy gap, a remarkable chapter unfolds, illuminated by the power of collaboration. Our partnership with the Women at Risk Foundation (WARIF); a distinguished NGO dedicated to raising awareness about Gender-Based Violence (GBV), has taken our commitment to empower marginalised communities to new heights.

Speaking on this effort, the CEO, NGX, Temi Popoola said, “Our journey began with a profound realisation: the intersection of financial literacy and gender equality has the potential to rewrite narratives of vulnerability into stories of empowerment. Often overshadowed by more visible aspects of abuse, the financial aspect of GBV can silently perpetuate the cycle of dependence and control. Financial literacy emerges as the key to dismantling this cycle. It is not just a transfer of knowledge; it is a transfer of power. Equipping women with financial education equips them with the tools to regain control over their lives.”

The financial literacy project spearheaded by NGX Group and its subsidiaries NGX, NGX RegCo, and NGX RelCo—exemplifies a corporate initiative that transcends business interests to empower and uplift the Nigerian economy. Through accessible education and resources, NGX Group has significantly bolstered financial resilience among individuals, fostering a more informed and secure society.