Nigerian Stock Exchange mulls using blockchain, DLT to raise capital

The Nigerian Stock Exchange (NSE) is considering using blockchain and distributed ledger technology (DLT) to raise capital, in a bid to align the country’s capital market to developing financial technologies (FinTech), its top executive said.

Speaking at the Fintechngr Social Meet 4.0 in Lagos, Nigeria, NSE CEO Oscar Onyema said that the exchange is exploring new technologies such as blockchain and DLT to catalyze smart capital raise.

“While we are focused on delivering on our mandate to be Africa’s Preferred Exchange Hub, the bigger picture is to create a dynamic marketplace that fuels growth and empowers our people towards excellence in business and ventures,” he said.

Onyema pointed out that FinTech provides opportunities to deepen capital market activities and attain sustainable economic growth by giving more people access to financial services while unlocking efficiencies of products and services and promoting transparency of the Nigerian capital market.

He also underscored the support the exchange has provided for the market, including the introduction of a Growth Board for FinTechs seeking public investment and corporate consolidation.

“The global picture of capital flow into FintTechs especially in emerging markets is proof that FinTechs are important economic catalysts in the 4th Industrial Revolution,” he said.

As previously reported, Switzerland’s principal stock exchange, SIX Swiss Exchange, is developing a stablecoin pegged to the Swiss franc that will help facilitate transactions of the upcoming SIX Digital Exchange (SDX).