Nigerian Stock Exchange woos millennials with inaugural Hackathon
4 October 2019
With the aid of its first-ever hackathon, the Nigerian Stock Exchange (NSE) is looking to improve the level of millennial participation in the bourse. The initiative, dubbed X-Kathon, is an idea innovation contest designed to improve the nation’s capital market. It is also aimed at enhancing retail investors’ participation in the capital market.
There are about three million retail investors in the Nigerian capital market, representing only three percent of the total adult population in the country. The goal of the NSE is to improve the number of retail investors to 25 million.
The inaugural edition of X-Kathon is themed Millennial Participation in The Capital Market. Millennials are young adults born roughly between the early 1980s and 1996. And most people of ages 20 to late 30s today are internet-savvy and technology-driven.
In Nigeria, this category of people makeup 30 percent of the population and are largely regarded as the generation to take the financial sector of the country to its next level. Going by the current investor demography, however, only a few millennials and digital natives currently participate in the financial market.
The Exchange, in a statement released yesterday, said the hackathon is open to talented individuals, teams, and ventures in the tech ecosystem, who have the “magic wand” to explode the growth potentials of the Nigerian capital market.
“Technology remains an essential enabler for growth in the Nigerian capital market,” said John Nsikak, Head Enterprise Innovation Hub at the NSE. “While the banking sector has witnessed an increased level of innovation and disruption … the capital market is yet to experience the same wave of change.”
Consequently, the NSE intends to change the narrative by leveraging X-Kathon as one of the platforms to crowdsource ideas and solutions that will catalyze innovation and startups’ participation in our market.
Nsikak further said the Nigerian bourse, with X-Kathon, aims to inspire stakeholders in the Fintech industry to solve “participation challenges” in a fun and pragmatic way through the development of simple, yet meaningful solutions. “We hope that founders and creative groups will leverage this medium to build a closer relationship with the NSE and the capital market,” he added.
Interested participants are encouraged to submit creative ideas, software/tech solutions and hacks to address “low participation of millennials in the capital market” on or before October 8, 2019. Applications can be submitted through this link.
The NSE added that to ensure the best candidates emerge at the grand finale on October 24, 2019, entries for the X-Kathon will undergo a rigorous review and the top 10 entries will be invited to a boot camp.
“The overall winner of the maiden edition of the X-kathon will win the sum of Five Million Naira while the first and second runner ups will win Three Million Naira and Two Million Naira respectively,” the bourse said.