29th November, 2024
Jeremiah Okey-Ejieke is the Africa Growth & Partnership Manager for Weltrade, an offshore fintech firm. He has expertise in CFDs trading, fintech and revenue growth. In this interview with P. M. News Deputy Editor Paul Dada, he shares his perspective on how Nigeria can foster financial inclusion through fintech in rural areas.
Can you access the impact of fintech revolution on Nigeria?
The fintech revolution in Nigeria has enhanced financial inclusion by providing accessible banking and payment solutions to the unbanked, while supporting economic growth through improved access to credit and investment for SMEs. It has also created jobs and attracted significant investments into the financial and tech sectors. However, it poses regulatory challenges, requiring frameworks to balance innovation with consumer protection.
Do you think Nigerians have sufficiently taken advantage of the opportunities in fintech?
Nigerians have made significant strides in leveraging fintech opportunities, particularly in mobile payments, digital banking, and CFDs trading. However, many potential areas, such as wealth management, insurance tech, and rural financial inclusion, remain underexplored. With a growing tech-savvy population, the potential for further innovation is immense.
You mentioned rural financial inclusion. That’s something of interest. What can we do as a country to foster rural financial inclusion through fintech given the poor literacy level of that population?
To foster rural financial inclusion despite low literacy levels, the country can adopt digital financial solutions like USSD-based banking and mobile wallets, which are simple and accessible without requiring high literacy. Additionally, partnerships with community leaders and local cooperatives can help build trust and educate rural populations through visual aids, local dialects, and peer-led financial literacy programmes.
What is Weltrade bringing to the table?
AGX TEC and Weltrade bring a blend of education, cutting-edge tools, innovative trading solutions, and lucrative affiliate programs to help traders, investors, and affiliates achieve their financial goals. This partnership is designed to attract high-value clients, nurture learners to become good traders, and foster long-term financial growth.
What is the relationship between Weltrade and AGX TEC ?
Weltrade and AGX TEC have a collaborative relationship where AGX TEC is the local representation of Weltrade promoting educational programmes and Weltrade’s offerings to deliver value to clients. Their collaboration is mutually beneficial, leveraging each other’s strengths to attract and engage clients.
You are committed to providing financial education to Nigerians. Give details of the advanced trading solutions that Weltrade offers.
Weltrade offers advanced trading solutions, including a Copy Trading System for Synthetic Indices, gold and currency trading enabling users to follow and replicate expert traders’ strategies effortlessly. Additionally, the Weltrade Loyalty Programme provides cashback benefits, enhancing profitability for active traders.
How do you think government can partner or at least create a better enabling environment for fintech firms like yours to make things better for Nigerians?
The government can support fintech firms by creating a clear, fintech-friendly regulatory framework, including streamlined licensing processes and regulatory sandboxes. Investments in digital infrastructure such as broadband access and cybersecurity, along with incentives like tax reliefs and grants, can foster innovation and financial inclusion. Public-private partnerships and digital literacy campaigns can expand access to underserved areas, while simplifying forex regulations and easing access to capital can enhance growth. Lastly, promoting fintech adoption in government services and establishing innovation hubs can drive collaboration and industry advancement.
What are CFDs?
CFDs, or Contracts for Difference, allow traders to speculate on price movements of financial assets electronically such as stocks, currencies, commodities, and indices without owning the underlying asset. Nigerians should consider trading CFDs because they offer money making opportunities by speculating in rising or falling markets.
How can traders be proficient in the use of CFDs?
Traders can become proficient in CFDs trading by first understanding how they work, including their leverage, margin requirements, and the underlying assets they represent. It’s essential to develop strong technical and fundamental analysis skills to identify profitable trade opportunities. Risk management, such as setting stop-loss orders and managing exposure, is key to long-term success. Finally, practising on demo accounts and gaining hands-on experience will help traders build confidence and refine their strategies.
