NGX, MTN To Enhance Financial Inclusion

Nigerian Exchange Limited (NGX) and MTN Nigeria Communications Plc have both reiterated their joint commitment to closing the financial literacy in Nigeria.

This comes on the back of a Memorandum of Understanding signed between both companies in 2022 that has led to the birth of several initiatives contributing to closing the financial inclusion gap in Nigeria.

The MTN public offering completed in January 2022, which was the first public offer conducted via a digital platform in Nigeria, helped expand the domestic shareholder base of the telecoms firm and also increased participation in the capital market.

The offer crowded in more than 300,000 retail investors, mostly female, into the capital market and a range of institutional investors including Nigerian pension funds representing approximately 6.5 million contributors.

At the 2022 Market Recap and 2023 Outlook, the chief executive officer, NGX, Mr Temi Popoola said,  the Exchange was working on USSD launch in collaboration with telcos and banks to further unlock the capital markets and boost participation.

Furthermore, at the Closing Gong Ceremony held as part of the courtesy visit of the president and Group chief executive officer, MTN Group, Ralph Mupita to the Exchange, Popoola stated, “we are proud to acknowledge the advancements made through the successful public offering in 2021 and the MoU signed last year. These initiatives have successfully attracted a notable portion of the younger generation to the capital market, aligning with our goal to increase retail participation.”

On his part, Mupita noted that, within a year of signing the MoU, much had been achieved due to the hard work invested on both sides in forging and sustaining a productive partnership.

He said: “at MTN, we believe we have a responsibility to ensure that our customers not only stay connected but can access increasing value and better services through our network, deepening their participation in the digital economy. Our collaboration with NGX gave us the opportunity to empower our customer base with the tools and knowledge to engage effectively with the capital market and meet their financial and investment objectives.”

The CEO, MTNN, Mr Karl Toriola, noted that, MTN would explore other areas of cooperation with NGX to leverage their continuously mutually beneficial partnership, as will contribute to the inclusive growth of the Nigerian economy.

MTN is also a participant in the Nigeria2Equal project, an initiative by International Finance Corporation (IFC) in partnership with NGX that seeks to drive increased female participation across the board and managerial levels of the Nigerian private sector.