ASHON BOSS urges Stockbrokers to create Products, deploy Technology

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ASHON BOSS urges Stockbrokers to create Products, deploy Technology

The Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, has advised dealing member firms to review their operational models, create new products and deploy technology to upscale operations and skills.

Investment through the Nigerian capital market has been moderated by the inclement operating environment, characterized by impacts of Covid-19 and its variants on corporate earnings, misalignment of monetary and fiscal policies, high production cost and low purchasing power of consumers, currency devaluation, forex scarcity and high inflationary pressure among others.

In a statement by ASHON, Onukwue explained that the current investment climate required innovative approach that meets the needs of clients.

According to him, every dealing member should deepen its research and development and create innovative products, especially to attract the millennials and Generation Z in order to widen customer base and ensure business continuity.

Onukwue harped on the deployment of modern technology to enhance operational efficiency of ASHON members, noting that Covid-19 pandemic had institutionalized digital transformation for every business.

He noted that millennials and Generation Z engage via digital channels as they do virtually everything on their smartphones.

“ Our members have realized the imperative of digital transformation of our operations. With the impacts of Covid-19 on our business environment, demutualization of the former Nigerian Stock Exchange to Nigerian Exchange Group PLC ( NGX) and tough operating environment, our operational models have to be reviewed.

“ We must create more innovative financial products that attract millennials and Generation Z. They are digital natives that do almost everything on smartphones. Our business models must take this critical class of investors into consideration. We need to deepen our Research and Development base to be on top of the latest development in the global financial market. We appeal to our regulators to address the observed impediments to full digitalisation of our market such as the issue of identity management. “, said Onukwue.

He noted that many investors have yet to recover from the meltdown of
2008, saying we must sustain efforts at rekindling their confidence towards bringing them fully back to the fold through investor education.

“ As a Trade Group, ASHON shall continue to join hands with other Market Operators, platforms and regulators to ensure harmonious relationships among the stakeholders in the capital market ecosystem. The Capital Market remains a veritable platform for wealth creation in any economy. We shall continue to appeal to the government to leverage the market to raise medium and long term funds to fix the economy as there is a nexus between the economy and the market. This is why enabling environment is key. “, said Onukwue.

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