Fintech Partnerships Key to Unlocking SEC’s 20m Investor Growth Plan
Nigeria’s ambition to expand its investor base by 20 million participants could unlock deeper liquidity, stronger capital formation and a more resilient financial system, but only if regulators forge strategic alliances with fintech firms and other ecosystem players, President of the Capital Market Academics of Nigeria, Prof Uche Uwaleke, has said.
Speaking to the News Agency of Nigeria, Uwaleke described the 20 million investor target set by the Securities and Exchange Commission as economically transformative, noting that broad-based retail participation is critical to sustaining the recent surge in market performance.
The Commission recently inaugurated a Capital Market Working Group on Market Liquidity with a mandate to deploy technology-driven solutions to scale participation and strengthen trading depth.
Uwaleke said the economic case for expanding the investor base is compelling. With a population exceeding 200 million people and fewer than one million active capital market investors, Nigeria remains significantly under-penetrated compared to peer markets.
He noted that scaling partnerships with fintech companies would lower onboarding costs, simplify account opening processes and provide real-time access to market data, thereby democratising investment access for small-ticket and first-time participants.
“I also think collaboration with fintech firms should be scaled up to ensure seamless onboarding and real-time access to market data.
“Trust is fundamental. Strong enforcement against market infractions and improved corporate governance standards will reinforce confidence and attract long-term participation.
“If the 20 million target is realised, the impact on the market would be transformative,” he said.
From a macroeconomic standpoint, Uwaleke argued that a broader investor base would deepen liquidity, improve price discovery, reduce concentration risk and enhance turnover ratios. This, in turn, would lower the cost of capital for businesses and strengthen the market’s capacity to finance infrastructure, industrial expansion and job creation.
The expansion drive comes against the backdrop of a sustained equities rally. The Nigerian market gained 6.27 per cent in January 2026, with over 15 billion shares traded, as the All-Share Index rose from 155,612.9 points to 165,370.4. Momentum has continued in February, with the index crossing the 190,000 mark for the first time on February 17, 2026.
Uwaleke, however, stressed that numerical growth alone is insufficient without institutional trust and financial literacy. He disclosed that the Commission has inaugurated a curriculum review committee to integrate capital market studies into Nigerian universities, a move aimed at creating a pipeline of informed, long-term investors.
According to him, embedding capital market literacy within tertiary education will ensure that Nigeria’s youthful and increasingly digital population becomes a sustainable driver of domestic savings mobilisation.
He maintained that if successfully executed, the 20 million investor expansion could shift Nigeria’s capital market from a relatively narrow participation model to a broad-based savings and investment platform capable of supporting long-term economic transformation.
