MTN Nigeria and Nigerian Exchange Limited (NGX) have partnered together for the purpose of participating in the country’s capital market.
Going by a Memorandum of Understanding (MoU) signed between the telco and Nigerian bourse, MTN and NGX would be seen promoting financial literacy and enhancing retail participation in the Nigerian capital market.
The two-year partnership would also see NGX and MTN collaborating to develop capital market solutions, leverage technology to support data dissemination and technology-as-a-service, promote capacity development, and eliminate barriers to retail participation in the capital market.
According to a statement, in which the partnership was disclosed, a signing ceremony of the MoU led by the Chief Executive Officer (CEO), NGX, Temi Popoola, and the CEO, MTN, Karl Toriola, had stakeholders in the capital market, and telco industry in attendance.
Expressing his excitement about the development, Popoola stated that “in building on our rich heritage as the first and foremost multi-asset securities exchange in Nigeria, we are resolute in our commitment to democratise finance in Nigeria by leveraging current advancements in technology and relying on strategic partnerships.
“With its customer base of over 68 million, MTN provides invaluable access to a large pool of potential retail investors who can play an important role in Nigeria’s capital market, deepening their own financial resilience in the process. This collaboration with MTN aligns with our aspiration to build an open, professional, and vibrant exchange and we are indeed excited about this NGX era.”
On Toriola’s part, the MTN chief explained that the telco “believe we have a responsibility to ensure that our customers not only stay connected but can access increasing value and better services through our network, deepening their participation in the digital economy.”
Recently, MTN completed a public offer of the sale of 575 million ordinary shares held by MTN Group, leveraging the NGX sponsored digital platform.
The offer which was the first-ever end-to-end digital offer in the Nigerian capital markets was oversubscribed by 139.4%.
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