Jeremiah Oke-Agke is the Africa Growth and Partnership Manager for Weltrade, an offshore fintech firm. He specializes in CFD trading, fintech and revenue growth. In this interview with Paul Dada, Deputy Editor of PM News, he shares his perspective on how Nigeria can promote financial inclusion through FinTech in rural areas.
Can you trace the impact of the 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 investment in the financial and technology sectors. However, this presents regulatory challenges that require a framework to balance innovation with consumer protection.
Do you think Nigerians have adequately taken advantage of the opportunities in fintech?
Nigerians have made significant progress in taking advantage of fintech opportunities, particularly in mobile payments, digital banking and CFD trading. However, many potential areas, such as wealth management, insurance technology and rural financial inclusion, are still under-explored. With a growing tech-savvy population, the potential for further innovation is immense.
You mentioned rural financial inclusion. This is an interesting thing. What can we do as a country to promote rural financial inclusion through fintech, given the poor literacy levels of that population?
To promote rural financial inclusion despite low literacy levels, the country can adopt digital financial solutions such as 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 confidence in and educate rural populations through visual aids, local dialects, and peer-led financial literacy programs.
What is Weltrade bringing to the table?
AGX TEC and Weltrade bring a blend of education, cutting-edge tools, innovative trading solutions and attractive affiliate programs to help traders, investors and affiliates achieve their financial goals. This partnership is designed to attract high-value clients, encourage learners to become good traders, and promote 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 that promotes educational programs and Weltrade offerings to provide value to customers. Their collaboration is mutually beneficial, leveraging each other's strengths to attract and engage customers.
You are committed to providing financial education to Nigerians. Describe the advanced trading solutions offered by Weltrade.
Weltrade offers advanced trading solutions, including copy trading systems for synthetic indices, gold and currency trading, enabling users to intuitively follow and replicate the strategies of expert traders. Additionally, the Weltrade loyalty program offers cashback benefits for active traders, increasing profitability.
How do you think the government can partner with fintech firms like yours to make things better for Nigerians or at least create a better enabling environment?
The government can support fintech firms by creating a clear, fintech-friendly regulatory framework, including streamlined licensing processes and regulatory sandboxes. Incentives such as tax relief and grants, as well as investment in digital infrastructure such as broadband access and cyber security, can promote innovation and financial inclusion. Public-private partnerships and digital literacy campaigns could expand access to disadvantaged areas, while simplifying foreign exchange regulations and easing access to capital could enhance growth. Finally, promoting fintech adoption in government services and setting up innovation hubs can lead to collaboration and industry advancement.
What are CFDs?
CFDs, or contracts for difference, allow traders to speculate on the price movements of financial assets such as stocks, currencies, commodities and indices electronically without owning the underlying asset. Nigerians should consider trading CFDs as they provide opportunities to make money by speculating in rising or falling markets.
How can traders become proficient in the use of CFDs?
Traders can become proficient in CFD trading by first understanding how they work, including their leverage, margin requirements and the underlying assets they represent. Developing strong technical and fundamental analysis skills is essential to identifying profitable trading opportunities. Risk management, such as setting stop-loss orders and managing exposure, is the key to long-term success. Finally, practicing on demo accounts and gaining practical experience will help traders build confidence and refine their strategies.
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