Explaining the exchange’s rationale, capital markets divisional head Jude Chiemeka says that although public markets are viable options for raising capital, fintechs have opted for private raises because of regulatory rules on disclosure and stricter governance requirements. NGX is addressing this by securing approval from the Securities and Exchange Commission in the US to launch a technology board for fintechs and tech companies to raise capital. Says Chiemeka: “NGX is working with CSCS and Euroclear to create a dollar settlement platform that allows tech companies (start-ups or existing ones) to raise capital in dollars. We have reviewed listing procedures for tech companies who want to list. Requirements around number of shareholders, years of operation among others have been relaxed to catalyse these listings.” The exchange operator says that firms should be encouraged to list, adding: "Publicly traded companies pay more taxes and are better governed so there is an upside for government in driving more listings. This will go a long way to encourage these institutions to look into the local markets."