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Capital market operators have received a compelling call to harness the potential of technology to enhance their operations while remaining vigilant about associated risks.
This message came from the President of FinTech Nigeria, Ade Bajomo, during his keynote address at the 12th annual conference of the Institute of Capital Market Registrars over the weekend. The conference’s theme was ‘Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.’
Bajomo emphasized, “Technology has the potential to be a powerful equalizer, and if our industry is to play a part in the fifth industrial era, then we must have capital market operators use the technology. It has been proven time and time again that those who exploit technology in a certain manner will keep a competitive advantage.”
However, he also stressed the need for caution: “We must also be mindful of the potential risks in the use of technology in our capital market. We must ensure we have an appropriate regulatory framework in place to protect investors and maintain market integrity. In conclusion, the power of technology in transforming the capital market is undeniable. However, we must use this power responsibly and with caution.”
Speaking on the topic ‘Empowering Market Participants through Education and Capacity Building,’ Dayo Obisan, the Executive Commissioner, Operations, Securities and Exchange Commission, advised registrars to identify the participants in the sector and educate them due to the changes brought about by technology.
Haruna Jalo-Waziri, Chief Executive of the Central Securities Clearing System Plc, emphasized that embracing technology and fintech would lead to innovative products in the capital market. He pointed out the transformative impact of fintech in the banking sector and urged the capital market to follow suit by encouraging fintech for innovative product development.
The President/Chairman of Council, ICMR, Oluseyi Owoturo, highlighted the challenging economic conditions in Nigeria and stated that the conference aimed to explore ways to regain economic momentum through the capital markets, navigate economic uncertainties, and harness innovative technology to transform and expand the capital market.
During the conference, Professor Uche Uwaleke, a capital market expert, advised companies to diversify their business operations to withstand the economic challenges in the country.
The event also included the investiture of five Honorary Fellows and nine Fellows, as well as the induction of 27 Associates.
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