MTN engages NGX on financial literacy

CEO of the Nigerian Exchange Limited, Temi Popoola, believes data, information dissemination remains crucial to its partnership with MTN Nigeria as it seeks to improve financial literacy for MSME's in Nigeria. Meanwhile, Ralph Mupita the CEO of MTN Group, stresses that the use of technology in the capital market will help drive participation in the NGX. They both spoke to CNBC Africa's Akin Obakeye.

Wed, 01 Feb 2023 12:23:51 GMT

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AI Generated Summary

The partnership between NGX and MTN focuses on improving data dissemination, financial literacy, and access to the capital markets through mobile technology, aiming to boost financial inclusion for MSMEs in Nigeria.
The collaboration has successfully engaged diverse investors, including women and young Nigerians, in capital market activities and has stimulated share ownership through innovative transactions and bonus shares.
MTN's commitment to driving technology extends to the advancement of 5G technology, particularly emphasizing its industrial applications to improve logistics, agriculture, and overall industrial efficiency. Additionally, MTN is expanding financial inclusion initiatives through mobile money services under a PSP license regime.

In a recent interview with CNBC Africa, the CEO of the Nigerian Exchange Limited, Timikokwala, and the CEO of MTN, Ralph Mupita, discussed the importance of data dissemination, financial literacy, and technology in their partnership aimed at improving financial inclusion for MSMEs in Nigeria. Timikokwala highlighted the groundbreaking digital transaction that took place in December 2021, facilitated by MTN, which allowed participation in the capital market in just five to six minutes through a mobile device. This innovative approach has not only increased share price appreciation but has also brought strategic partnerships and benefits to the market. The partnership between NGX and MTN has successfully engaged a diverse group of investors, including women and young Nigerians, in capital market activities. Moving forward, the focus will be on enhancing data dissemination, improving financial literacy, and providing easier access to the markets through mobile devices. The collaboration between NGX and MTN began with the listing of MTN shares on the exchange in May 2019, followed by a successful sell-down of shares in December, which included bonus shares to stimulate share ownership among everyday Nigerians. The partnership has expanded to the fixed income market, diversifying sources of debt and broadening ownership opportunities. MTN's commitment to driving technology extends beyond the capital market to the advancement of 5G technology. Ralph Mupita emphasized the potential for industrial applications of 5G in Nigeria and Africa, highlighting its role in improving logistics, agriculture, and overall industrial efficiency. The focus on utilizing 5G to drive socio-economic growth signals a promising future for technology-driven advancements in various sectors. Additionally, MTN's efforts in financial inclusion align with the rollout of mobile money services under a PSP license, aiming to reach unbanked areas and expand product offerings. The integration of new technology and products under the PSP license regime, combined with the continuous development of mobile money services, is set to drive further financial inclusion initiatives in the coming year. The collaboration between NGX and MTN demonstrates a shared commitment to leveraging technology and innovation to enhance financial literacy, promote inclusive growth, and drive participation in the Nigerian capital markets.