A Platform for Nigerians to Stay Abreast of Global Market Trends
The Nigerian Stock Exchange (NSE) has introduced a mobile app, X-Mobile. The user-friendly app is designed to provide market participants with convenient, faster and real-time access to market activities.
The platform features market snapshots, stock prices, market analytics, financial news, dealing members directory, and trade simulation. Users will also be able to create personalized watchlists to keep track of chosen securities, eliminating the need to access multiple information sources.
Speaking on the launch of X-Mobile, the Divisional Head of Trading Business at the NSE, Jude Chiemeka, explained that the introduction of the application is part of the Exchange’s strategy with existing and potential investors who are in need of more data and detailed disclosure information in order to make sound investment decisions.
“The app will support our efforts at financial literacy and inclusion by bringing the capital market to the fingertips of market enthusiasts and spark new interest from potential investors,” Chiemeka said.
More so, this is one of the ways the stock market is contributing to the attainment of the country’s National Financial Inclusion Strategy. The plan hopes to reduce the proportion of adult Nigerians that are ﬁnancially excluded to 20 percent by the year 2020.
On that note, Chiemeka added that the bourse will continue to “leverage technology with a customer-centric focus to make financial services more inclusive and to provide a superior customer experience in the access and use of capital.”
The launch of this app comes barely two months after the NSE introduced an Investor Relations (IR) Data Pack. The innovative webpage is designed to reduce the burden on issuers by providing them with an intuitive investor relations webpage, which could easily be integrated with their existing corporate websites.
The Head of Strategy and Research at the NSE, Okon P. Onuntuei, on his part, stated that the app is “one of many ways of reaching our ambitious goal to enlighten 25 million retail investors in Nigeria and (the) diaspora.”
“We believe this platform will become the primary interface for Nigerians to stay abreast of global market trends and domestic economic performance, as well as provide continuous insights to opportunities for portfolio rebalancing,” Onuntuei added.
The app will complement the NSE website and other NSE portals currently being used to provide information to market stakeholders. It is expected to be formally launched at the 2019 NSE Market Data Workshop taking place in Lagos State, on Wednesday, September 11, 2019. X-Mobile will be available free of charge on Google Play store while the IOS version is in its testing phase.
By Tobiloba Ishola.