The Nigerian Exchange (NGX) has called for major fintech companies operating in Nigeria to consider listing their shares on the domestic stock market, a move that could give millions of Nigerians an opportunity to own stakes in some of the country’s fastest-growing businesses.
The proposal was made by NGX Group Managing Director and Chief Executive Officer, Temi Popoola, during an engagement with President Bola Ahmed Tinubu. The call comes as the Exchange seeks to deepen Nigeria’s capital market and increase opportunities for domestic investment.
Fintech companies have become a major part of Nigeria’s financial ecosystem, providing services ranging from digital payments and money transfers to savings, lending, investments and other banking solutions.
Companies such as Flutterwave, OPay, PalmPay, Moniepoint, Paystack, Paga, Kuda, PiggyVest and Interswitch have expanded rapidly, driven by increased smartphone use, internet access and the growing demand for digital financial services.
Their rise has helped address some of the limitations of traditional banking, particularly by making financial services more accessible and convenient to individuals and businesses that may have previously struggled to access formal banking services.
Nigerian fintechs have also attracted substantial foreign investment, created employment opportunities and contributed to the expansion of financial inclusion across the country.
However, much of the ownership of these companies remains concentrated among founders, employees, venture capital firms, private equity investors and strategic foreign investors. As a result, Nigerian consumers who contribute to the growth of these businesses generally have limited opportunities to become direct shareholders.
A local listing could change that by allowing individuals, pension funds and Nigerian institutions to invest directly in successful fintech companies.
It could also increase the size and diversity of the Nigerian equities market by introducing more technology-driven businesses and expanding market capitalisation.
Beyond investment opportunities, listing on the NGX would subject participating companies to stricter disclosure requirements, audited financial reporting and corporate-governance standards. These measures could improve transparency and strengthen investor confidence.
For fintech companies themselves, a domestic listing could provide access to long-term capital, improve their corporate profile, create liquidity for existing investors and establish a broader Nigerian shareholder base.
The companies could also pursue dual listings in international markets to gain access to larger pools of global capital while maintaining a presence on the Nigerian exchange.
The proposal has therefore renewed calls for the Federal Government to develop policies that would encourage major fintech companies to list locally. Rather than relying solely on compulsory measures, incentives could be introduced to make domestic or dual listings more attractive, while certain strategically important companies could face stronger listing requirements.
The broader argument is that Nigeria should not remain merely the market where these digital companies acquire customers and generate revenue.
By encouraging local ownership through the capital market, Nigerians could have an opportunity to share directly in the wealth created by the country’s rapidly expanding fintech sector
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