Ayodeji Ayenuwa
In an effort to enhance intra-Africa capital and investment flows, technology company SecondSTAX has formed a strategic partnership with the Nigerian Exchange Limited (NGX).
This collaboration is set to provide a solution for institutional investors across Africa, allowing them to directly access Nigeria’s capital markets.
Developed in cooperation with Afrinvest (West Africa) Limited, this partnership introduces a user-friendly, cloud-based portal that simplifies the investment process and facilitates trading in local currencies.
Eugene Tawiah, CEO and co-founder of SecondSTAX, emphasized the significance of this partnership, stating, “Our goal is to integrate all the capital markets across Africa to enable smoother investment flows. This collaboration with the Nigerian Exchange Limited marks a major milestone in our journey. Nigeria’s capital markets have long been brimming with lucrative opportunities, which, until now, remained beyond the reach of institutional investors outside the country.”
Temi Popoola, CEO of the Nigerian Exchange Limited (NGX), commended SecondSTAX’s innovative approach. “This closely aligns with our ongoing efforts to foster innovation and growth within our market. Initiatives like the African Exchanges Linkage Project aim to seamlessly integrate capital markets across the continent.”
This partnership will primarily benefit Nigerian institutional investors by providing them with easier access to other capital markets available on the SecondSTAX platform.
Initially, access will be limited to Qualified Institutional Investors who can place minimum trade orders of $10,000.00 (or the equivalent value in NGN). There are plans to gradually expand these services to a broader audience.
Ike Chioke, Group Managing Director of Afrinvest, also shared his thoughts on their role in this venture: “As a leading capital marketing holding company, we continually strive to drive innovations that foster growth in Nigeria’s capital market. We are excited to be in partnership with SecondSTAX, enabling more opportunities for capital inflow into Nigeria’s capital markets and broadening investment options for investors within the country.”
Techrectory with Agency Report.
