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NGX seeks to deepen financial inclusion with its X-Factbook, X-Mobile App
Equipping capital market players and investors with adequate resources to make informed decisions about the Nigerian stock market and the listed companies, are major reasons for the establishment of the X-Factbook and X-Mobile by the Nigerian Exchange Limited. According to the NGX, the initiatives which are tech-driven, will help bridge the data gap and make the necessary impact in Nigeria’s capital market. Jude Chiemeka, Divisional Head, Trading Business at the NGX, joins CNBC Africa for more.
Tue, 21 Sep 2021 14:12:08 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The introduction of the X-Factbook and X-Mobile by NGX signifies a groundbreaking effort to democratize access to market information and empower investors with vital resources for making informed decisions in the Nigerian capital market.
- The X-Factbook serves as a digital compendium of data on listed companies, securities, and market intermediaries, offering users the flexibility to selectively subscribe to specific sectors of interest at a reduced cost.
- Through the user-friendly interface of the X-Mobile app, investors can access real-time market data, simulate trading scenarios, engage with market news, and participate actively in the capital market, thus driving retail investor participation and enhancing market inclusivity.
The Nigerian Exchange Limited (NGX) has recently introduced two groundbreaking initiatives, the X-Factbook and X-Mobile, in a concerted effort to enhance financial inclusion and provide investors with essential resources for making informed decisions in the Nigerian stock market. These tech-driven initiatives are poised to bridge the data gap and revolutionize the landscape of Nigeria's capital market. Jude Chiemeka, Divisional Head of Trading Business at NGX, sheds light on the significance and functionality of these game-changing platforms.
With a mission to empower capital market players and investors, the NGX has spearheaded the development of the X-Factbook and X-Mobile to usher in a new era of accessibility and transparency in the market. The X-Factbook, as Chiemeka explains, serves as a comprehensive digital repository of information pertaining to listed companies, securities, market intermediaries, and historical performance. This digitized resource allows investors to access crucial data at their fingertips and selectively subscribe to specific sectors of interest, thereby optimizing cost efficiency and user experience.
Moreover, the X-Mobile app emerges as a user-friendly platform that offers a seamless interface for investors to track listed securities, simulate trading scenarios, access market news, and engage with various market intermediaries. By providing real-time data and valuable insights, the app empowers users to make informed investment decisions and actively participate in the capital market with confidence.
One of the primary objectives of these initiatives is to drive retail investor participation in the market and expand the ecosystem of active market participants. Presently, Nigeria boasts a sizable population with access to Bank Verification Numbers (BVNs), yet the number of active capital market participants remains relatively low. The NGX aims to leverage the X-Factbook and X-Mobile to attract millions of new investors and achieve a target of 25 million participants in the coming years.
Chiemeka underscores the overarching goal of promoting inclusivity and enhancing customer experience in the capital market. By democratizing access to crucial market information and facilitating seamless interaction with investment opportunities, NGX envisions a future where retail investors play a more significant role in driving market growth and innovation. The ultimate aim is to elevate the percentage contribution of retail investors to the market from the current 10-15% range to a substantial 30%, thereby fostering a more vibrant and diverse investment landscape.
In conclusion, the launch of the X-Factbook and X-Mobile by the Nigerian Exchange Limited marks a pivotal moment in the evolution of the country's capital market. As technology continues to revolutionize the financial sector, these innovative platforms signal a new era of accessibility, transparency, and empowerment for investors across Nigeria. With a strategic focus on driving financial inclusion and bolstering retail investor participation, NGX is poised to reshape the investment landscape and pave the way for a more inclusive and dynamic market ecosystem.
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