FMDA rallies stakeholders around resilient financial markets

The Financial Market Dealers Association has convened its 9th Annual Financial Market Conference, bringing together policymakers, regulators, bankers, dealers, and fintech leaders to chart a sustainable future for Nigeria’s financial system.

The conference, held under the theme “Future-proofing Nigeria’s Financial Market System: Policy, Technology and Market Confidence,” focused on how regulation, innovation, and trust can combine to strengthen Nigeria’s financial markets amid rapid global change.

FMDA President, Mrs Anwuli Femi-Pearse, in a statement on Monday, said the 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 aimed at 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 both investor and public confidence.

She noted that the conference would 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 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 had dropped significantly between 2012 and 2023, driven largely by increased adoption of digital wallets, bank accounts, and other formal financial channels.

Ikeazor reaffirmed the CBN’s commitment to the next phase of the National Financial Inclusion Strategy (NFIS 4.0), which aims 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 efforts to balance innovation with financial system stability.

She highlighted regulatory initiatives designed to strengthen transparency, boost market confidence, and enable safe innovation. These include the Electronic Foreign Exchange Matching System, 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 remains 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 through efficiency and innovation, it is also expanding the scale and complexity of financial risks. He cited projections that global cybercrime costs could reach $10.5tn annually by 2025, with financial institutions among the most targeted sectors.

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 contributions 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 depends on market transparency, deepening reforms and policy clarity.

He noted that Nigeria recorded $20.98bn 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 highlighted renewed momentum in the capital market, with the Nigerian Exchange posting ₦4.19tn 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 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, 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 Africa, Mr Roy Daniels, said Nigeria’s markets must strengthen professionalism, ethical standards, and global alignment to remain competitive. He highlighted ACI’s leadership in promoting market conduct through initiatives such as the ACI Dealing Certificate, noting Nigeria’s strong contribution to certifications across Africa.

FMDA Vice President, Benedict Ekatah, closed the conference by urging stakeholders to treat the future of Nigeria’s financial system as a shared responsibility. He emphasised clearer policies, stronger partnerships with regulators, and greater courage in adopting technology, adding that the market can only progress when institutions work together.