Nigeria’s Financial Market Leaders Chart Path to a Future-Ready System at FMDA Conference

The Financial Market Dealers Association (FMDA) has convened its 9th Annual Financial Market Conference, bringing together top policymakers, regulators, bankers, dealers and fintech leaders to chart a sustainable future for Nigeria’s financial system. The conference was held under the theme: “Future-proofing Nigeria’s Financial Market System: Policy, Technology and Market Confidence.”

FMDA President, Mrs Anwuli Femi-Pearse, said the conference theme reflects a defining moment for Nigeria’s financial system, as global markets are being reshaped by rapid technological change, shifting behaviours and rising risks. She described future-proofing as a deliberate strategy for building resilience, deepening trust and positioning Nigeria’s markets for long-term competitiveness. According to her, sustainable growth will depend on smart policies, strong collaboration, investment in digital infrastructure, and a firm commitment to transparency and accountability to strengthen investor and public confidence. She noted that the conference will focus on advancing financial inclusion, reinforcing market transparency, harnessing digital innovation, strengthening risk management and cybersecurity, and evolving regulatory frameworks to support innovation while protecting market integrity.

Delivering the keynote address on behalf of the Deputy Governor of the Central Bank of Nigeria (CBN) for Financial System Stability, Mr Philip Ikeazor, the Director of Consumer Protection at the CBN, Mrs Aisha Issa Olatinwo, said financial inclusion must remain central to Nigeria’s economic transformation. She noted that levels of financial exclusion have dropped significantly between 2012 and 2023, driven largely by increased adoption of digital wallets, bank accounts and other formal financial channels.

Mr Ikeazor reaffirmed the CBN’s commitment to the next phase of the National Financial Inclusion Strategy (NFIS 4.0), which seeks to close access gaps, strengthen digital delivery channels and expand credit to underserved populations. Technology, he said, remains the strongest driver of inclusion, while deeper collaboration among regulators, financial institutions, fintech innovators, civil society and development partners is essential to sustaining progress.

Also speaking at the conference, the Director of Strategy and Innovation Management at the CBN, Mrs Monsurat Modupeola Vincent, outlined the Bank’s ongoing efforts to balance innovation with financial system stability. She highlighted a number of regulatory initiatives aimed at strengthening transparency, boosting market confidence and enabling safe innovation. These include the Electronic Foreign Exchange Matching System (EFEMS), the Nigeria FX Market Code, the Regulatory Sandbox Framework, Open Banking Regulations, licensing reforms for payment service providers, and the BVN/NIN linkage to curb fraud. She stressed that continued collaboration among regulators, market operators, policymakers, fintech innovators and international partners is critical to building a resilient and globally competitive financial system.

In a virtual presentation titled “Risk Management and Cybersecurity in Financial Markets,” the Director of the CBN’s Risk Management Department, Dr Blaise Ijebor, warned that while digitalisation is reshaping global finance with greater efficiency and innovation, it is also expanding the scale and complexity of financial risks. He cited projections that global cybercrime costs could reach $10.5 trillion annually by 2025, with financial institutions among the most targeted sectors. Dr Ijebor called for stronger cyber defences, including zero-trust security architectures, AI-driven monitoring, continuous system patching, penetration testing and robust incident-response frameworks.

The conference also featured participation from top commercial banks, including FirstBank and Wema Bank. Speaking on behalf of FirstBank’s Chief Executive Officer, Mr Olusegun Alebiosu, the bank’s Treasurer, Mr Ayokunle Ojo, said investor confidence hinges on market transparency, deepening reforms and policy clarity. He noted that Nigeria recorded $20.98 billion in foreign capital inflows between January and October 2025, representing a 70 per cent increase over the past two years and a 400 per cent rise compared to 2023. He also pointed to renewed momentum in the capital market, with the Nigerian Exchange (NGX) posting ₦4.19 trillion in transactions in the first half of 2025, up 61 per cent from the corresponding period in 2024. He commended the Investment and Securities Act (ISA) 2025 for strengthening the SEC’s powers to address cyber risks, regulate digital assets and improve market governance.

The Chief Executive Officer of Wema Bank, Mr Moruf Oseni, represented by the bank’s Executive Director for Corporate Banking, Mr Olukayode Bakare, said future-proofing Nigeria’s financial system must be proactive rather than reactive. He described it as a strategy anchored on intelligent technology, guided by sound policy and sustained by strong public trust.

Speaking on “Future of Nigeria’s Financial Markets: Balancing Innovation, Regulation and Global Confidence,” the Chairman of ACI Financial Markets Association (ACI FMA) Africa, Mr Roy Daniels, said Nigeria’s financial markets must strengthen professionalism, ethical standards and global alignment to remain competitive. He highlighted ACI’s decades-long leadership in promoting market conduct through initiatives such as the ACI Dealing Certificate, noting that Nigeria remains one of the top contributors to certifications across Africa. Daniels stressed that emerging trends, ranging from AI-driven trading to digital assets, stablecoins and tokenised instruments, demand stronger collaboration between ACI, FMDA and regulators to ensure integrity and investor trust. He added that global best practices, particularly those embodied in the FX Global Code, will be essential to reinforcing transparency, boosting confidence and positioning Nigeria for sustainable market growth.

Benedict Ekatah, FMDA vice president, closed the conference by urging market stakeholders to treat the future of Nigeria’s financial system as a shared responsibility. He emphasised the need for clearer policies, stronger partnerships with regulators, and greater courage in adopting technology. Ekatah said the market can only progress when institutions work together, adding that “when you win, we all win.”