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MODE MEN BUSINESS: NSE CEO ENCOURAGES LOCAL FINTECH INVESTMENT

Mr. Oscar Onyeoma, the current Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE) , has encouraged domestic investors to embrace the rise of financial technology and see the entire sector as a viable investment portfolio.

Speaking at a FinTech forum in Lagos, the stock exchange Chairman pointed out that FinTech investment has continued to gain massive traction all over the world, and the country’s exchange will be looking to leverage some of the emerging FinTech concepts, including Distributed Ledger Technology (DLT, also known as blockchain technology) .

Onyeoma clarified that there is an increased global capital flow into FinTech, and to him, this only depicts that the sector is an important catalyst for economic revolution. He also decried the lack of local investment into these technological concepts.

In part, he said, “According to KPMG’s 2018 Global Analysis of Investment, equity investment into global FinTech companies almost tripled from $18.9 billion to $50.8 billion between 2013 and 2017 and has continued to gain traction.”

“Surprisingly, foreign investors seem to be seeing these gains better than local investors as statistics show that they have dominated capital raise for indigenous start-ups in the last couple of years,” he added.

He claimed that the Stock Exchange is constantly working to cater to the needs of organizations with high prospects. However, the only way for this goal to be achieved will be through accelerated corporate consolidation and public investment.

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