As financial services leaders acquire and benefit from enhanced digital capabilities, Nigerians can look forward to a day when cross-border investing across multiple capital markets will be a daily occurrence for the country’s investors.
“It means the security, speed and ease of digitally backed investment, Over time, all capital markets will become a global market”, Chijioke Iteghete predicts, Chief Information Officer Coronation Registrars Limited.
While cryptocurrencies and the blockchain technology that underpins them lead the way, Nigerian digital pioneers such as Coronation Registrars are introducing technologies that are no less profound in their implications for the Nigerian capital market. Over the next decade, for example, coronation registrars expect to shift from what is now a business of registrars, to a practice of data mining and analytics. This development has profound implications for what Nigerians will be able to achieve with their money.
“By using new digital technologies, many of which are leveraged in the cloud, to collect, coordinate, and personalize data, we can develop products, solutions, and opportunities that do not currently exist,” Iteghete explains.
Much of this capital market development can be planned, as the recorder achieves culmination through a deliberate digital transformation strategy aimed at improving flexibility and simplifying the customer experience.
Improvements include reducing the time it takes investors to recoup investments – from three days to a few seconds.
Days of manual work to properly gather information and establish collaboration between issuers and registrars achieved in secondsCreated according to the global standard ISO 27001 . says Iteghete
Information Security Management Systems and ISO 22301 Business Continuity Management Systems standards, users can also be assured of the integrity of personal financial information and transaction security.
This new combination of global speed safety standards and best practices has put Crown Registrants in a position to take on more investment mandates – and increasingly global ones.
The cloud has also improved transparency. Transparency is key to recovering investors who, in the past, had unfavorable experiences with investing in the capital market. Digital transparency also earns the confidence of young investors. The clarity, clarity, and speed of modern data management is helping a new generation of investors grow and protect wealth – on the digital devices and platforms they are familiar with. Leveraging digital capabilities to expand youth participation “Critical to the longevity and sustainable growth of Nigeria’s capital marketsIteghete adds.
There are other relatively minor cloud-enabled developments, such as the launch of a new version of Coronation ShareholderLive using real-time customer feedback. “Transformed a standard customer service feature into a sophisticated self-service platform,” Iteghete says. Transparently processing shareholder requests within 24 hours instead of five days without shareholders coming to the office or even picking up the phone is a real milestone in ease and efficiency – especially from an investor usage perspective. also allowed “We transfer approximately 700 shareholder applications each week – without a single shareholder having to come to our officesIteghete says.
Once live, the ShareholderLive platform will allow investors to generate reports – for embassies or other third parties – while choosing to reinvest dividends or apply for loans. Available on the web and mobile, the ShareholderLive platform will enable investors to achieve all of this online, in record time wherever they are.
The first digital strategy made it possible for the scorers to do just that “Take a lot of confusion and risk out of investing for shareholders, along with many unpleasant surprises” Iteghete says.
While simplicity, security, ease of use, and transparency attract traditional investors, the personal control and agility of these new cloud-enabled platforms and services “Attract the younger generation that is most interested in self-managing their own investments with complete vision and control,” Iteghete says.
Being digital also means being able to adapt and innovate quickly – even if it’s unplanned.
When Covid-19 happened, the fact that Coronation Registrars’ operating platforms were already hosted in the cloud meant employees could move instantly, efficiently and easily to working from home.
Another unplanned and unexpected development enabled by the digital capability of record scorers in response to Covid was “Our development, almost overnight, of a virtual corporate meeting platform – Coronation Virtual,” Iteghete says. Very quickly, out of necessity, this turned into the first fully compliant AGM hosting platform in Nigeria, allowing for the smooth, efficient and secure delivery of Virtual AGMs to clients during the pandemic.
The virtual podium has evolved into a stand-alone offering, making remote general assembly meetings and other corporate and official functions easier, smoother and more efficient by increasing participation while ensuring compliance and improving voting security.
The vast majority of investors, shareholders and other capital market professionals in Nigeria are over the age of 50. In response, Nigerian legislators announced their intention to promote broader youth participation in the capital markets.
To drive the broader participation of young people in Nigeria’s capital markets, one only has to look at banking.
Proper identity management has been a game-changer for banking in Nigeria, allowing millions of new participants, mostly young adults, to transact online on their phones. similarly, “The cloud provides the ideal platform for investors, issuers and registrars to conduct secure and identity-managed operations securely and remotely.” Iteghete suggests.
Besides inclusion, getting more young people involved in investing is also critical to the growth and global competitiveness of the Nigerian economy. Iteghete estimates that Nigerian startups have raised more than $1 billion in the past three years. Most of this capital was raised from foreign investors who saw the value of investing in these startups started by young people mostly in Nigeria. The irony is that “While many young Nigerians believe they need to travel abroad to access capital and start businesses, foreign investors see tremendous opportunities in Nigeria,” Iteghete notes. At the same time, local capital is also traveling abroad in the belief that there are better investment opportunities outside the province.
Recognizing this opportunity, Coronation Registrars is building a digital equity financing and in-house solution. This will create a market for “Investors to intelligently assess the investment potential of viable local startups,” Iteghete says. This will not only increase investment in the Nigerian economy, but also show “young Nigerians that they do not need to leave the country to access investment, employment and growth,” he adds.
Equity funding and an in-house solution for Coronation Registrants will help retain young Nigerian entrepreneurs in the economy, expand opportunities for youth inclusion and participation, increase capital accumulation, and improve economic growth.
It is critical for regulators around the world to keep pace with the ability that cloud-enabled digital strategies provide for financial service providers to develop new products and solutions. This is particularly the case when it comes to cross-border cooperation in the capital market. The ability, in time, for local Nigerian investors to “Leveraging technology independently to pursue Alpha securely and legally around the world has profound implications for sustainable growth and prosperity. It is not an opportunity the country can afford to miss,” Iteghete says.
The cumulative effect of these best-in-class digital solutions and capabilities is to enable crowning registrars to transcend traditional barriers, provide a differentiated customer experience and redefine industry standards for transparency, inclusion, and convenience in the Nigerian capital market.
this is “The new world of insights and access is set to include many more Nigerians in the local and global capital markets, expanding opportunity, access and growth for all,” Iteghete concludes.