Forex Experts have lamented the low level of participation of Nigerians in Forex trading business, which is reportedly the largest financial market in the world with a daily turnover of 7.2trillion dollars.
Speaking at the Hantec Global Financial conference in Lagos on Saturday, a seasoned fund manager, Emmanuel Stanno, said a lot of education has to be done in Nigeria for any person to benefit fully from the market.
Stanno who is also the Chairman/Chief Executive Officer of Dcrocstyle Nigeria Limited noted that, “There are so many frauds around that are discouraging people from investing in the forex market so people are scared. We are only trying in our own way to change people’s orientation, to let them know that forex market is the real deal.”
He assured that partnership between the government and industry players would be paramount as programs could be developed to impart knowledge, especially into the young ones, adding that this could help stem cybercrime among the youth as they are the future of the nation.
He noted that there is a need for investors to be patient and not greedy in order for positive growth to be achieved in the business. The forex market is a business place and it takes time to grow profits from any business. When you start up a business, you spend money to run it first before expecting returns. There is a need to work on emotions when investing in forex,” he said.
Stanno however maintained that as fund manager with business partnership with organizations, he scored Hantec Global high as a mutually beneficial partner as it has shown to be trusted over the years which makes business between brokers and the market much easier.
Mike Fowope, Managing Director, Hantec Africa Ltd said that the opportunities which abound in the forex market are such that people are not fully aware of and that’s why his company is focusing on educating the people on this.
“What we are trying to do is to contribute our quota in eradicating poverty, empowering people on how to make money trading on the international currency market. The online forex trading is an off shoot of fin tech and at times financial inclusion, they are all interwoven.
“What we are doing basically is taking from the traditional way of trading in currency against another to make money. It is same thing we do online but this time with a regulated market, as a regulated entity and on an online platform, rather than doing it with physical cash, we’re trading with our e-money.
“Nigerians are hungry for information and knowledge, we’ve seen that and that’s why we have come out to educate people. The company which has been running operations in Nigeria for the past 18 months is glad to note that Nigerians have been quite receptive as it currently has a client base of 13,000 people and hopes to have empowered at least 250,000 people in the next ten years,” Fowope said.