NGX, MTN Nigeria Partner to Improve Financial Literacy, Retail Participation in Nigeria’s Capital Market

Africa’s leading telecommunications giant, MTN Nigerian Communications Plc and the Nigerian Exchange Limited have partnered to deepen financial literacy and increase retail participation in the capital market.

The two corporations signed Memorandum of Understanding (MoU) during the signing ceremony led by the Chief Executive Officer (CEO), NGX, Mr. Temi Popoola and the CEO, MTNN, Mr. Karl Toriola.

The two year partnership will see NGX and MTNN work together 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.

Commenting on the MoU, the CEO, NGX, Mr. Popoola stated, “In building on our rich heritage as the first and foremost multi-asset securities exchange in Nigeria we are resolute in our commitment to democratize finance in Nigeria by leveraging current advancements in technology and relying on strategic partnerships. With its customer base of over 68 million customers, MTNN 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 MTNN aligns with our aspiration to build an open, professional and vibrant exchange and we are indeed excited about this NGX era.”

Mr. Karl Toriola, the CEO, MTNN, added that, “AT MTNN, we 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. Our collaboration with NGX gives us the opportunity to empower our customer base with the tools and the knowledge to engage effectively with the capital market and meet their financial and investment objectives. There is no better way to demonstrate our commitment to this than through the just concluded public offer for sale of MTNN shares, designed to enhance retail shareholder participation in the value that we create. We continue to identify other areas of cooperation with NGX and we look forward to a mutually beneficial partnership that will contribute to the inclusive growth of the Nigerian economy.”