The Nigerian Exchange (NGX) has called on President Bola Tinubu to require fintech companies operating in Nigeria to list on the stock exchange. The proposal, aimed at deepening the capital market, was made during a recent engagement between NGX officials and the President, according to a statement from the exchange.
NGX's Proposal to the President
Speaking at the meeting, the Chief Executive Officer of NGX, Temi Popoola, urged the President to consider a policy that would mandate fintech firms, particularly those with significant market share, to undergo an initial public offering (IPO) on the NGX. Popoola argued that such a move would not only boost the exchange's market capitalization but also provide Nigerian investors with opportunities to participate in the growth of the digital economy.
“We believe that fintech companies, which have thrived in Nigeria's vibrant tech ecosystem, should be encouraged to list on the NGX. This would enhance transparency, corporate governance, and create wealth for the investing public,” Popoola stated.
Current Fintech Landscape
Nigeria's fintech sector has attracted over $1.6 billion in funding between 2019 and 2025, with major players such as Flutterwave, Paystack, and Interswitch. However, only a handful of fintechs, like MTN's MoMo Payment Service Bank, have listed on the NGX. The majority remain privately held, limiting retail investor access to their success.
Impact on Capital Market and Economy
If implemented, the policy could significantly increase the NGX's market capitalization, which currently stands at approximately ₦60 trillion. Analysts suggest that requiring fintech IPOs could attract more foreign portfolio investors, enhance liquidity, and diversify the exchange's offerings beyond traditional sectors like banking and oil & gas.
The move aligns with the government's broader financial inclusion goals and the push to formalize the digital economy. By listing, fintechs would be subject to stricter regulatory oversight, potentially increasing investor confidence and reducing systemic risks.
Reactions and Next Steps
Industry stakeholders have mixed reactions. While some fintech founders worry about the regulatory burden and loss of control, others see it as an opportunity to access cheaper capital and enhance credibility.
The Presidency has yet to respond publicly to the proposal. However, sources indicate that the administration is open to discussing policies that would strengthen the capital market as part of its economic reform agenda.
Conclusion
NGX's call for mandatory fintech listings represents a bold step towards integrating the digital economy into the formal capital market. Whether the government adopts the policy remains to be seen, but the conversation has already sparked important dialogue about the future of fintech regulation and market development in Nigeria.
