FMDQ Group
“Can a single vertically integrated FMI group become the definitive market infrastructure for Nigerian (and eventually African) fixed income, FX, and derivatives markets?”
Founded2013
HQLagos, Nigeria
IndustryInfrastructure / Financial Market Infrastructure
The story
FMDQ evolved from an OTC market (registered 2012) into Africa's first vertically integrated financial market infrastructure group. It became a full Securities Exchange in 2019 and reorganized as FMDQ Group PLC, a SEC-registered Capital Market Holding Company warehousing five subsidiaries (Exchange, Clear, Depository, Private Markets, iQx Consult). Its focus is Nigerian fixed income, currency, and derivatives markets — not a consumer/SMB fintech, but market infrastructure (listings, CCP clearing, settlement, depository, market data).
Product timeline
2012
Registered by SEC as an OTC Market· pivot
2013
FMDQ founded as OTC market platform· banking
2019
Upgraded from OTC Market to full-fledged Securities Exchange· pivot
2019
FMDQ Clear established as Nigeria's foremost Central Counterparty· banking
2019
FMDQ Depository launched· banking
2025
Launch of FMDQ Q-Pay online payment gateway integrated into e-Markets Portal· banking
Regulated entities
4
regulatory licences held by FMDQ Group
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in FMDQ Group’s embedded-finance stack
Payments / PSP
FMDQ Q-Pay (self-operated)
Lending
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.