20 Million Investor Goal Depends on Fintech Partnerships — Uwaleke

Nigeria’s ambition to bring 20 million new investors into the capital market by 2026 will depend heavily on strong partnerships with fintech companies and other industry players, according to capital market expert Uche Uwaleke.

Uwaleke, President of the Capital Market Academics of Nigeria (CMAN), said the target set by the Securities and Exchange Commission (SEC) is achievable, but only through a coordinated, technology-driven approach.

Speaking to the News Agency of Nigeria, he emphasised that regulators, exchanges, banks, universities, market operators, and fintech platforms must work together to deepen retail participation in the market.

The SEC recently inaugurated a liquidity working group aimed at expanding Nigeria’s investor base by at least 20 million participants, a move designed to strengthen market depth and resilience.

Why Fintechs Matter

According to Uwaleke, fintech firms will play a central role in simplifying investor onboarding and lowering entry barriers for first-time participants.

Digital platforms can streamline account creation, provide real-time access to market data, and support micro-investment products tailored to small-ticket investors. These tools are especially important for attracting younger Nigerians who are already comfortable using technology for financial transactions.

He noted that product innovation, particularly low-cost, accessible investment offerings, will be critical in driving widespread adoption.

Beyond access, trust remains essential. Uwaleke stressed that stronger enforcement against market infractions and improved corporate governance standards are necessary to build investor confidence and ensure long-term participation.

“If the 20 million target is realised, the transformation of Nigeria’s capital market would be significant,” he said.

Financial Literacy Must Be Institutionalised

Uwaleke also highlighted the importance of sustained investor education. He argued that financial literacy campaigns should not be occasional initiatives but embedded in the country’s educational framework.

He revealed that the SEC has already inaugurated a curriculum review committee to promote capital market studies in Nigerian universities. Embedding capital market education in tertiary institutions, he said, would create a pipeline of informed, long-term investors.

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With Nigeria’s population exceeding 200 million, most of them young and increasingly digital, there is substantial untapped potential for retail investment growth.

A Shallow Market in a Large Economy

Despite its size, Nigeria currently has fewer than one million active capital market investors. Uwaleke contrasted this with countries such as South Africa, which maintains a deeper and more liquid market despite having a smaller population.

He explained that broadening participation would enhance liquidity, reduce volatility caused by concentrated ownership, improve price discovery, and make it easier for businesses to raise long-term capital.

Market Momentum Builds

The push for more investors comes at a time when the Nigerian equities market is experiencing strong performance. The All-Share Index gained over 6% in January 2026, breaking past the 160,000 mark for the first time. By mid-February, it had crossed the 190,000 threshold, reflecting sustained bullish momentum.

For regulators and market advocates alike, expanding the investor base is seen as the next critical step in ensuring that growth is inclusive, resilient, and capable of supporting long-term economic development.