Shettima, Others Call For Financial Market Transformation In Africa, Middle-East

Vice President Kashim Shettima and other stakeholders have urged African capital markets to embrace digital transformation and enhance regional integration to create a financial system that is more efficient, accessible, and resilient.

They made this call at the 2025 Conference of the Africa and Middle East Depositories Association, organised by the Central Securities Clearing System (CSCS) Plc in Lagos. The conference theme was ‘Shaping the Future: Financial Markets and Infrastructures as Catalysts for Transforming Economies’.

Speaking, Shettima urged participants at the conference to leverage the AMEDA platform to jointly build efficient, inclusive financial systems across Africa.

He said individuals must move beyond domestic thinking and embrace a shared regional vision to fully shape the future of finance, saying that the African Continental Free Trade Area marks a defining moment with the potential to unite 54 countries into a single market of over 1.4 billion people.

According to him, the momentum to harmonise capital markets and expand cross-border investment is gaining traction. In Nigeria, we have introduced a regulatory framework for digital assets and enhanced legal instruments to support capital market development.

“These initiatives are part of a broader ambition in Nigeria to grow the economy to $1 trillion within the next decade. Achieving this vision requires not only sound policies but also enduring partnerships and the insights of brilliant minds like those gathered here today. Let this gathering inspire us to build financial systems that are efficient, inclusive, and future-proof.”

The chairman of AMEDA, Abdulla Abdin explained, “the theme of the conference reflects our deep awareness of the rapid transformations occurring in the global economy and the role that financial market infrastructures play in enabling economies to adopt innovation and achieve inclusive growth.”

He stated that financial infrastructure is not merely a technical tool; it is an essential mechanism for development and a solid foundation for incentivizing investment, improving transparency, optimising market efficiency, and achieving economic integration within the region.”

The vice chairman of AMEDA and managing director/CEO of the Central Securities Clearing Systems (CSCS), Haruna Jalo-Waziri noted that “this year’s theme is incredibly timely. As economies navigate complex challenges posed by rapid digital transformation, shifting demographics, geopolitical tensions, and the climate crisis, we are called to rethink the role of financial markets and the infrastructures that support them; not just as silent enablers working behind the scenes, but as active drivers of economic realities.”

He emphasized that “across Africa and the Middle East, the imperative is clear: we must build resilient markets, enable inclusive digital access, develop sustainable investment pathways, and drive cross-border integration.”

Jalo-Waziri pointed out that “Nigeria is on a bold journey to grow its economy to a $1 trillion economy. This ambition is underpinned by a capital market that must evolve in scale, sophistication, and inclusiveness.”

AMEDA serves as the umbrella body for Central Securities Depositories and Clearing Houses, collectively known as Financial Market Infrastructures, operating throughout Africa and the Middle East. It was established in 2005.