In 2013, after learning that the Nigerian economy was the third fastest growing economy in the world and Nigeria’s stock market grew almost 50 percent in just one year, Osagie Zogie-Odigie, a Nigerian entrepreneur with an avid interest for capital market activities, decided to seek out information about the companies driving this immense growth. To his disappointment, after scouring through a host of app stores on his mobile devices, not a single developer had published a comprehensive platform that tracked the activities of companies within the Nigerian Stock Exchange.
Rather than remain downbeat that the third fastest growing bourse at the time was without an active mobile app, Osagie took the challenge to change the trend. In 2013, it was estimated that about 75% of the 67 million Nigerian Internet users primarily accessed the Internet via their mobile devices. This was an attractive figure to reach a segment of the population keen on financial information and want to have the means of acquiring such data. Osagie saw the opportunity and was determined to seize it.
Two years later, the NSE Ticker was born, an app designed to monitor stock performances in real time, offering information on prices, heat maps, and the opportunity to compare with similar stocks when attempting a share purchase.
Here’s an excerpt from a recent interview with Osagie.
What gave rise to the creation of the NSE Ticker app?
In 2013, I went to the App Store to search for apps that allow users keep track of the fastest growing stock market in Africa. To my surprise, there was none. We had made it into the 21st century but somehow the world’s third fastest growing economy had been left behind! It was a clear need for flexibility in the monitoring experience offered to NSE market watchers. In some sense, my national pride was also bruised. The revealed gap took the shine off the NSE’s recognition as the fastest growing stock exchange in Africa as it left a lot to be desired. All too often, our potential for advancement remains just that – potential. In this case, I could do something about it and that’s how NSE Ticker was born.
How will this app reshape the bias which arises from investors pulling back as a result of panic by foreign investors?
The bias is a result of a complex combination of many different issues. Resolving those issues will help reshape the bias but it will take time. NSE Ticker cannot single-handedly reshape the bias. It would be naive to think it can. NSE Ticker only attempts to address a few of these issues. For instance people are more likely to panic when they are in the dark. NSE Ticker addresses this by creating one more channel for investors and potential investors to be in touch (literally and figuratively) with the goings- on in the stock market. There is no longer the need to go back to your computer to verify some rumor. Just reach into your pocket, check your phone and tell the rumormonger – “na lie you dey talk”… (laughs).
If NSE Ticker inspires the development of more apps (and we strongly believe it will), things will only get better.