Financial Markets Dealers Association

What Financial Markets Dealers Association does

Financial Markets Dealers Association (FMDA) is a self-regulatory, non-profit industry association serving Nigeria's financial market dealers. Founded in 1989 as the Money Market Association of Nigeria (MMAN), it was re-registered under its current name on March 11, 2010, broadening its mandate from money markets to the full scope of dealer activity. It is headquartered in Victoria Island, Lagos, and operates with a lean staff of 11 employees under the leadership of President Bayo Adeyemo and Vice Chairman Steve Amangbo.

FMDA's core offerings are organized around five revenue streams: membership dues, training programs, certification services, facility rental, and conference/event fees. Its training catalog spans foundational treasury courses, securities trading simulation, AML compliance (delivered with Refinitiv), interest rate derivatives (delivered with Bloomberg), and the ACI Dealing Certificate. The association also provides market research, advocacy, and member facility services, and operates as a convening body between dealers and regulators including SEC, DMO, CSCS, NGX, and FMDQ Group. Its brand is anchored by the motto "Our Word is Our Bond," and its stated vision is to be the leading financial market association driving advocacy, market development, professionalism, and capacity development for stakeholders.

FMDA's business model is that of a member-funded industry association: corporate members (banks, financial institutions, regulators) pay dues, while training and certification generate fee-based, transactional revenue at per-course price points ranging from N145,500 to N1,990,500. FMD operates with no proprietary technology stack and no disclosed AI/ML capabilities; its differentiation rests on institutional standing, partnership-validated content, and convening power within Nigeria's dealer ecosystem.

Name

Financial Markets Dealers Association

Legal name

Financial Markets Dealers Association of Nigeria (FMDA)

Website

https://fmda.com.ng

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Financial Markets Dealers Association (FMDA) is Nigeria's self-regulatory industry association for financial market dealers, providing training, certification, advocacy, and facility services to banks, financial institutions, and treasury professionals across Nigeria.

Ownership category

akta.pro rank

Product category

Financial Markets Self-Regulatory Association

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Services-Membership Organizations (8600)

akta.pro industry

PRIMARYEDAAANAD

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications

Education/Adult & Continuing Education/Professional Certification Programs

SECONDARYEDABAJAG

Financial Compliance & Regulatory (AML/KYC, Sanctions, Market Conduct)

Education/Corporate Training & Professional Development/Finance, Accounting & Risk Training

SECONDARYEDAAALAM

Project, Quality & Operations (PMP PDUs, Six Sigma, Quality CE)

Education/Adult & Continuing Education/Professional Licensure & Continuing Professional Education (CE/CPE)

Keywords

• Financial markets association
• Treasury management certification
• Fixed income trading training
• Market research reports
• Policy advocacy services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Membership Dues: Corporate and individual membership fees from financial institutions and professionals in Nigeria's treasury and financial markets sector.
2. Training Programs: Fee-based training courses including Treasury Management, Asset and Liability Management, Fixed Income & FX Trading, and specialized workshops offered to members and non-members.
3. Certification Services: Treasury Management Certification programs at Basic, Intermediate, and Advanced levels generating certification fees.
4. Facility Rental: Auditorium, seminar rooms, executive meeting rooms, and event spaces available for hire at Moneymart Centre, Victoria Island, Lagos.
5. Conference and Event Fees: Annual Financial Markets Conference and specialized seminars with registration fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

FMDA is Nigeria's self-regulatory association for financial market dealers that delivers professional certification programs (Treasury Management Certification at Basic, Intermediate, and Advanced levels, plus the ACI Dealing Certificate), fee-based training courses (Fixed Income & FX Trading Simulation, Asset and Liability Management, Treasury & Cash Management, Interest Rate Derivatives), weekly and monthly market research publications, advocacy services, and rented training facilities at Moneymart Centre, Victoria Island, Lagos. Membership is offered to both corporate institutions and individual professionals across Nigeria's banking and financial markets ecosystem.

Product overview

The Financial Markets Dealers Association (FMDA) of Nigeria is a self-regulatory body for financial market professionals that offers a portfolio of services organized around five core areas: (1) Training and Certification Programs including Treasury Management Certification at Basic, Intermediate, and Advanced levels, along with specialized workshops on Fixed Income Derivatives, Interest Rate Derivatives, and ACI Dealing Certificate; (2) Market Research and Reports providing weekly, monthly, and quarterly analytical coverage of Treasury Bills, monetary statistics, inflation forecasts, and capital importation data; (3) Advocacy Services for policy advocacy, sound market practice promotion, and market deepening; (4) Facility Management offering professional conference and training facilities for hire; and (5) Webinars and Seminars covering economic outlook, corporate bonds, and compliance topics. The association also provides membership services for both corporate institutions and individual professionals.

Differentiator

Problem solved

Functional benefit

Products and services

• Training and Certification Programs Professional development programs for treasury and financial market professionals in Nigeria, including the Treasury Management Certification (Basic, Intermediate, and Advanced modules), ACI Dealing Certificate Workshop, Asset and Liability Management, Fixed Income & FX Trading Simulation, Fixed Income Derivatives Workshop, Interest Rate Derivatives Training, and Treasury & Cash Management courses. Delivered in virtual, in-person, and residential formats to members and non-members.
• Market Research and Reports
• Facility Management and Rental
• Webinars and Seminars
• Corporate and Individual Membership

Named customers1 record

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Securities and Exchange Commission (SEC)coreStrategic or Co-development Partner · 17 February 2022SEC Director General Lamido Yuguda participated in the DMO Engagement Meeting with PDMMs and Capital Markets Stakeholders organized by FMDA, demonstrating regulatory collaboration and market oversight engagement.
• Central Securities Clearing System Plc (CSCS)coreStrategic or Co-development Partner · 17 February 2022CSCS Managing Director/CEO Haruna Jalo-Waziri participated in FMDA's DMO Engagement Meeting, contributing to discussions on capital markets infrastructure and clearing system developments.
• Nigerian Exchange Limited (NGX)coreStrategic or Co-development Partner · 17 February 2022NGX CEO Temi Popoola participated in FMDA's stakeholder engagement meeting, discussing exchange operations and market development initiatives.
• RefinitivcoreStrategic or Co-development Partner · 5 August 2021Refinitiv collaborated with FMDA to deliver a two-day virtual AML (Anti-Money Laundering) workshop titled 'Spotlight on Nigeria.' The workshop covered CFT & proliferation trends, global PEP oversight, cybercrime, and digital onboarding. Refinitiv provided subject matter experts and content for the compliance training program.
• Debt Management Office (DMO)coreStrategic or Co-development Partner · 12 November 2020DMO Director General Ms. Patience Oniha delivered the keynote address at FMDA's Bonds Workgroup webinar on 'Growing a Liquid Market for Corporate Bonds.' The DMO collaborates with FMDA on market development initiatives and stakeholder engagement.
• FMDQ GroupcoreStrategic or Co-development Partner · 12 November 2020FMDQ Group CEO Bola Onadele Koko presented at FMDA's Bonds Workgroup webinar, discussing market development and the role of stakeholders in growing liquidity for corporate bonds.
• Access Bank PlcminorOthers · 20 September 2019Access Bank hosted the September 2019 Quarterly Meeting of the FMDA, demonstrating support for FMDA's regular industry gatherings and professional networking events.
• BloombergcoreStrategic or Co-development Partner · 15 May 2019FMDA collaborates with Bloomberg to organize market development training programs. Bloomberg provides content expertise and market development support for interest rate derivatives training workshops held at FMDA's Moneymart Centre. The partnership aims to develop human capital within Nigeria's financial markets through international-standard training.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Association for Financial Markets in Europe (AFME): European trade association for wholesale financial markets. Comparable role to FMDA in advocacy, training, and capacity building for dealers, though broader in scope and serving a different (European) market.
• Securities Industry and Financial Markets Association (SIFMA): US-based trade association representing securities firms, banks, and asset managers. Comparable as a large-scale financial markets industry association offering training, certification, advocacy, and market intelligence, though US-focused and broader in scope.
• Global Financial Markets Association (GFMA): Global trade association uniting regional financial markets bodies (SIFMA, AFME, ASIFMA). Comparable as a global convener for financial market dealers, though at a higher umbrella level rather than a single-country self-regulatory body.

Direct peers

• ACI Financial Markets Association: Global self-regulatory trade association for wholesale financial market dealers, offering the ACI Dealing Certificate. FMDA is an ACI partner and offers the same certification in Nigeria, making it the closest direct international peer.
• Chartered Institute of Bankers of Nigeria (CIBN): Nigeria's primary professional body for bankers, providing professional certification, training, and advocacy. Comparable to FMDA in its role as a self-regulatory membership body serving Nigeria's financial sector with similar certification offerings.
• FMDQ Group: Nigerian financial market infrastructure operator (exchange, OTC, data). Partners with FMDA on Bonds Workgroup and market development; serves overlapping stakeholder community of dealers and institutions in Nigeria's fixed income and FX markets.
• Association of Corporate Treasurers (ACT): UK-based international professional body for treasury professionals, offering certification and training. Direct comparable to FMDA's Treasury Management Certification track and treasury-focused educational programs.

Regional players

• South African Institute of Financial Markets (SAIFM): Africa's most established financial markets training and certification body, offering ACI-aligned programs in South Africa. Regional peer covering wholesale financial markets professional development, serving institutional dealers in a more mature market.
• Asian Securities Industry & Financial Markets Association (ASIFMA): Asia-based trade association for financial market participants. Comparable in industry association role and dealer-focused advocacy, though geographically focused on Asia-Pacific markets.

Others

• Nigerian Exchange Limited (NGX): Operator of Nigeria's stock exchange. Strategic partner of FMDA serving overlapping stakeholders in capital markets, but operates as a marketplace rather than a member-driven certification and advocacy body.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FMDA_NIGERIA
• LinkedInlinkedin.com/company/financial-markets-dealers-association-of-nigeria-fmda

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Financial Markets Dealers Association