Who We Are
Our history
The Financial Markets Dealers Association of Nigeria (FMDA) formerly known as Money Market Association of Nigeria (MMAN) is a self regulatory body in Nigeria; initially registered in 1989 under land (Perpetual succession) Act of 1962 and registered later under the Incorporated Trustees on 11th March 2010 as FMDA.
To develop financial market infrastructure, human capital and promote professional and ethical standards in treasury activities in Nigeria. We informally started in 1979 and strictly populated by the commercial and merchant banks, that majorly carried out treasury dealing and trading securities. Its membership was extended to the discount houses, when in 1991 the guidelines establishing Discount house was published, in the spirit of deregulation and enhancement of monetary policy effectiveness.
The change of name was necessitated by the global quest for reforms in financial markets and particularly the need to deepen the Nigerian financial market and position it for global competitiveness through enhanced efficiency. This was to be achieved by promoting initiatives for market infrastructure development, building capacity, strengthening professional practice and motivating strong ethics.
The Financial Markets Dealers Association’s philosophy, goals, and objectives are rooted in its Memorandum and Articles of Association, reflecting its quest to support and elevate the financial markets industry. To stay ahead of emerging market changes in Nigeria, the Association prioritizes capacity building, providing its members with the knowledge and skills necessary to thrive.
After facilitating the setup of the FMDQ Securities Exchange in 2013, an SRO for the OTC market, the Association streamlined its goals to prioritize critical focus areas:
Regulatory Policy Engagement
Shaping policy decisions that impact the financial markets industry through active engagement and influence.
Professional Ethics
Fostering a culture of fairness and integrity in the financial markets by promoting best practices and resolving disputes.
Research & Advocacy
Informing industry policy and driving advocacy efforts through fact-based research and thought leadership.
Capacity Building
Enhancing skills and knowledge in treasury-related areas through the development of relevant curricula and certification programs, in collaboration with reputable institutions.
Throughout its journey, the Association has consistently evaluated its progress against its goals. A core objective that remains constant is the growth and development of the financial markets, as well as protecting the interests of its members in their dealing and trading activities, including the entire value chain.