The call by the Nigerian Exchange (NGX) for President Bola Tinubu to mandate major fintechs to list on the Nigerian stock market deserves serious attention. NGX Group Managing Director and Chief Executive Officer Temi Popoola made the appeal during an engagement with the President, against the background of the Exchange’s drive to deepen Nigeria’s capital market and ensure that businesses creating value in the country also create investment opportunities for Nigerians.
Fintechs are financial-technology companies that use digital technology to provide or improve financial services, from payments and transfers to savings, lending, investment, and banking-related services. Nigeria’s leading examples include Flutterwave, OPay, PalmPay, Moniepoint, Paystack, Paga, Kuda, PiggyVest, and Interswitch.
Their emergence was a response to gaps in the traditional financial system and the rapid spread of mobile phones, internet connectivity, and digital payments. As banks struggled with expensive branches, limited reach, and cumbersome processes, technology entrepreneurs built cheaper, faster, and more convenient channels. Regulatory innovations by the Central Bank of Nigeria (CBN), including payment and agency-banking licences, helped create room for these businesses to expand.
